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27 February 2017

Saudi Arabia to Install 10 GW of Renewables by 2023

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Saudi Arabia to Install 10 GW of Renewables by 2023

Bids for required $30 to 50 billion investments in renewables in Saudi Arabia will be announced in few weeks

 Saudi Arabia will launch a substantial program on renewables which foresees 10 gigawatts of installed capacity by 2023 with an investment of around $30 to $50 billion, Saudi Arabia’s energy minister said on Monday at the Saudi Arabia session of the World Future Energy Summit 2017 in Abu Dhabi.

Khalid A. Al-Falih explained that the program on renewables will include new bids and will primarily be on solar and wind.

He stated that 10 gigawatts of renewable energy investments are significant for Saudi Arabia to be less energy intensive in the coming years.

He explained that the country is also taking nuclear investments very seriously and explained that an initial installation of 2.8 gigawatts of nuclear power will compliment the renewables as part of the program. Two units of the country’s nuclear power plant will have the latest technology to optimize efficiency, he said.

He acknowledged the significance of renewables but said that economic development cannot be truly achieved without fossil fuels.

“We realize that world population will grow by two billion by 2050. The reality is that they [renewables] will not penetrate fast enough and at affordable prices. We need to develop all energy forms in a sustainable way. We also need all forms of clean oil and gas. I believe that without fossil fuels, we will have a less sustainable energy sector,” Falih stated.

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