Saudi Arabia has announced an initiative to invest USD 100 bn in new renewable projects over the next years.
Saudi Arabia plans to attract about $109 billion in solar investments to generate a third of its electricity by 2032, or about 41,000 megawatts. It currently has about 3 megawatts of solar installations, trailing Egypt, Morocco, Tunisia, Algeria and the U.A.E., according to Bloomberg New Energy Finance.
Yesterday, at the World Energy Forum in Abu Dhabi, more plans were revealed; Saudi Arabia will form a company to buy power from generators of renewable energy and to cover any cost difference between the purchase and sale prices. “There will be an offtaker and the offtaker will sell to a distribution company,” said Khalid Al Sulaiman, vice president at the King Abdullah City for Atomic and Renewable Energy.
Despite being sceptics by nature, we believe this and other initiatives around the globe, adding to the price decline over the last years, will bring solar deployment to levels not anticipated by any agency! Keep the manufacturers running – there will be work for everyone!