Riyadh plans to invest more than a quarter of a trillion dollars in renewable energy. These investments are currently the largest announced financing value in the Arab region and are equivalent to the entire annual budget of some countries.
Saudi Energy Minister Prince Abdulaziz bin Salman announced last year that his country intends to invest the equivalent of $266.4 billion in clean energy production.
Saudi Arabia, the world’s largest oil exporter, is also seeking to become a leader in exporting sustainable products such as hydrogen and blue and green ammonia, in order to secure a profitable competitive position while simultaneously cleaning up the environment of carbon emissions.
These ambitious projects, part of “Vision 2030”, aim to have renewable energy sources account for more than 50% of energy balances by the end of this decade.
Saudi Arabia, thanks to its location and climate, is one of the most profitable solar energy production centers in the world, also due to its vast area and long duration of solar radiation.
The Kingdom, with its Vision 2030 project, has already achieved the most competitive prices in the world for wind and solar energy production. Now, the cost of production is a world record.
In this context, ACWA Power website stated that the Sakaka solar power plant project in the Kingdom has set a new record for the lowest global cost in the field of solar photovoltaic energy, reaching 2.3 cents per kilowatt hour, with a total production capacity of 300 megawatts.
This project, the largest solar power plant in the Middle East and North Africa, will be able to provide electricity to 350,000 residential apartments.
The Saudi power plant project is widely described as being 100 times larger than any other project in the world.
Saudi Arabia is now a leader in the GCC region with 2.1 GW of PV installed, and 5.3 GW under construction and likely to be operational by 2025.
A report issued by the Saudi Industrial Development Fund stated that the Kingdom of Saudi Arabia in the Middle East and North Africa region has set a renewable energy target of 58.7 gigawatts by 2030, of which 40 gigawatts will be from solar photovoltaic energy.
It was announced in 2018 that solar power plant projects in Saudi Arabia would reach a production capacity of 200 gigawatts after completion in 2030.
Bloomberg reported that the total energy of the Kingdom of Saudi Arabia is 77 gigawatts, two-thirds of which is from natural gas and one-third from oil, which means that 200 gigawatts of solar energy is much more than the domestic needs, and it is a major opportunity for export.
Source: RT
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2024-09-20 11:15:17
