One of the main goals of Vision 2030 is to develop the solar energy sector in Saudi Arabia.
Saudi Arabia started the National Renewable Energy Program (NREP) in February 2017, which is overseen by the newly established Renewable Energy Project Development Office (REPDO).
Electricity consumption in Saudi Arabia is growing at an annual rate of 8 percent, causing Saudi Electricity – the Gulf’s largest utility provider – to invest billions of dollars in capacity expansion projects. The country’s solar power business is booming, owing to rising electricity consumption.
- According to REPDO, 12 projects are in progress in Saudi Arabia since January 2019 – the largest of them is a project with 600 MW capacity.
- REPDO’s first bidding round, which was announced in 2017, included the 300 MW Sakaka solar Independent Power Producer (IPP) and 400 MW Dumat Al Jandal wind farm.
In 2018, Saudi Arabia’s Public Investment Fund (PIF) and Softbank announced a 12-year strategic plan to build between 150 GW-200 GW of solar energy by 2030.
The investment in renewable and sustainable energy in Saudi Arabia and other Gulf Cooperation Council (GCC) countries can provide reserves worth US$87 billion and eliminate CO2 emissions by 1 gigaton (GT). King Abdullah City for Atomic and Renewable Energy (K.A.CARE) is overseeing the adoption of atomic, renewable, and sustainable energy in a bid to ensure that 50 percent of the total consumed electricity comes from non-fossil fuels by 2032. The rise of the renewable and sustainable energy industry in Saudi Arabia has had an impact on job possibilities, services, and training. By 2030, the number of jobs supported by the global renewable and sustainable energy industry is predicted to greatly increase, with an estimated 80,000 jobs in Saudi Arabia alone.
For more information, here is the link to the Gulf Research Center’s file :https://www.casci.ch/wp-content/uploads/Saudi-Arabia-Renewable-Energy-Industry-Outlook.pdf