Over the past year, Saudi Arabia has been working towards realizing the key goals of its Vision 2030 national plan, all which have been designed to aid in the diversification of its economy away from oil dependency while developing various main sectors. As part of its efforts, the Kingdom has been focused on transforming its power sector into a more sustainable and efficient one, away from its current reliance on fossil fuels.
Reaffirming Saudi Arabia’s commitment towards creating sustainable sources of energy at the 11th annual Arab Energy Forum in Morocco, the Ministry of Energy, Industry, and Mineral Resources said this week that it is working in partnership with the country’s Public Investment Fund (PIF), Japan’s multinational conglomerate SoftBank, and other related authorities in Saudi Arabia to implement several multi-billion-dollar projects related to solar energy.
The goal of these projects is to produce 200 megawatts of electricity from solar energy by 2030. Investors, technical advisers, and contractors have already been invited to participate in the projects, and plans are also underway to develop shorter-term pilot projects.
Presenting at the forum in Morocco was Abdulrahman Bin Abdulkareem, adviser to the Saudi ministry. Abdulkareem explained to attendees that Saudi Arabia aims to be a leading and reliable supplier of solar and other renewable sources of energy, as well as create investment opportunities in this sector valued at $200 billion.
To date, the ministry has designed a plan holding three main components to achieve the complete transformation of its electricity sector: the restructuring of its power industry so as to boost competitiveness and enhance its capability to attract private sector investments; the redesign of the Kingdom’s fuel and technology blend so as to add a larger production capacity from different sources of renewable energy, primarily solar but also wind; and investment in all stages of the full-value chain of the power sector for domestic and export-oriented manufacturing.