Kingdom of Saudi Arabia to invest $109bn in solar

The Kingdom of Saudi Arabia is turning its attention to solar power in an effort to generate a third of its electricity by 2032.

It’s part of a $109bn plan and the Kingdom is now seeking investment to fulfill the objective, according to officials at the agency developing the plan.

Bloomberg reports that the Middle Eastern nation aims to have 41000 MW of solar capacity within two decades, said Maher al- Odan, a consultant at the King Abdullah City for Atomic and Renewable Energy.

Meanwhile Khalid al-Suliman, vice president for the organization known as Ka-care, said on May 8 in Riyadh that nuclear, wind and geothermal would contribute 21000 MW.

“We are not only looking for building solar plants,” al- Odan said in an interview in Riyadh yesterday. “We want to run a sustainable solar energy sector that will become a driver for the domestic energy for years to come.”

For solar panel manufacturers such as First Solar Inc. (FSLR) and SunPower Corp. (SPWR), the Saudi Arabian market would open a huge new market as European countries reduce subsidies to keep a lid on installations.

Saudi Arabia currently has just 3 MW of solar installations, trailing Egypt, Morocco, Tunisia, Algeria and the United Arab Emirates, according to Bloomberg New Energy Finance.

The capital cost of installing the 41000 MW should be around $82Bn, al-Odan said. The rest of the $109bn investment will go to train the Saudis to run the solar plants as well as for maintenance and operation, he said.

For more solar power news



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...