Saudi Arabia will develop 30 solar and wind projects over the next 10 years as part of the kingdom’s $50 billion program to boost power generation and cut its oil consumption.
The world’s biggest exporter of crude oil will produce 10 percent of its power from renewables by 2023, Energy Minister Khalid Al-Falih said Monday at a conference in Riyadh. It also plans to generate electricity from nuclear plants.
Saudi Arabia will offer a tender in the fourth quarter for 400 megawatts of wind power at a project in the northern area of Domat al-Jandal, he said.
The projects are part of a plan to transform the Saudi economy by weaning it off oil and creating new industries. Saudi Arabia plans to develop almost 10 gigawatts of renewables by 2023, requiring investment of up to $50 billion, Al-Falih said in January. The country generated 30 megawatts to 50 megawatts of power from renewables in …
READ MORE ON BLOOMBERG.COM