Saudi Arabia aims to become the world’s foremost market for renewable energy with an aggressive investment budget of $109 billion. By 2032, the country strives to generate as much as a third of the Kingdom’s energy demands using renewable energy (54 GW).
Following the publicity surrounding the country’s major investment drive, King Abdullah City for Atomic and Renewable Energy (KACARE) released a series of documents detailing the revised National Energy Plan. In addition to the 41 GW of solar power, 25 GW of CSP and 16 GW of PV, the Kingdom is aiming to generate 18 GW of nuclear energy, 3 GW of waste to energy, 1 GW of geothermal and an additional 9 GW of wind power, specifically for water desalination plants.
Projects Updates: Saudi Arabia
Saudi Arabia’s state-owned utility Saudi Electricity Company has announced it is seeking bids to build, own and operate an advanced gas-fired power plant, Reuters reported. Saudi Electricity anticipates building the 550-megawatt plant near Tabuk on the Red Sea coast. The plant would be the first facility in the country to be powered by both fossil fuels and solar power, using a process known as integrated solar combined cycle (ISCC). Saudi Electricity said it aims to use solar power as a means to increase fuel efficiency.
America’s Sun Edison has signed an agreement with the Public Investment Fund of the Saudi Arabian government and the Saudi Arabian Investment Co (Sanabil Investments) to jointly fund a feasibility study for the establishment of a solar photovoltaic manufacturing capability at Wa’ad Al Shammal in the Kingdom. The proposed polysilicon module production project would support the growth of the solar energy industry in Saudi Arabia, which the company views as a promising emerging market for PV power technology..
Kingdom Future Energy Summit is the world’s foremost event dedicated to renewable energies, energy efficiency and clean technologies. KFES includes a world-class summit that brings together the potential stakeholders, project owners, ministries, researchers, utility bodies from the renewable power and water industry.
Kingdom Future Energy Summit will be the most comprehensive gathering of renewable technologies in the region. The forum provides an unrivalled opportunity for technology manufacturers and system integrators to build relationships with industry influencers and key decision makers within Saudi Arabia and rest of GCC.
Hosted and Organized by BE Summits, This event brings together policy makers, distinguished personnel from Utilities/Ministries and technology leaders in the business community to share their vision in order to establish the initiatives required to build the Kingdom a perfect place to invest and to explore the renewable power industry. This is achieved through a blend of in-depth real life case studies of ongoing and completed projects, keynote presentations and interactive panel discussions.
This Summit is scheduled to be held in Saudi Arabia, blessed with an abundant solar resource throughout the year and an abnormally high number of sunny cloudless days, making solar technology a perfect fit for its sunny climate.