In 2018, Saudi Arabia will invest up to 7 billion U.S. dollars in renewable energy projects
Turki Mohammed Al Shehri, head of Saudi Arabia's renewable energy project development office, said in an interview in Abu Dhabi recently that Saudi Arabia will spend 5-7 billion U.S. dollars in developing renewable energy projects in 2018, especially solar energy.
According to the plan, in 2018, Saudi Arabia will tender eight renewable energy projects, with a total installed capacity of 4.125 GW. At the same time, Saudi Arabia and other Middle East oil-producing nations will also work together to develop renewable energy projects to meet the growing domestic demand, promote the diversification of energy and economy, and reduce dependence on fossil fuels.
Saudi Arabia plans to achieve wind power and solar power generation capacity of 9.5 GW by 2023.
This year's bidding eight renewable energy projects, including the 3.3 GW Sunnen project and 800 MW wind power project. The successful bidder can obtain the 25-year power purchase agreement promised by the government to reduce the project development risk.
By 2020, Saudi Arabia will also achieve 3.45 GW of grid-connected renewable energy projects and has now completed the tender for a 700 MW solar and wind power project.