Saudi National Renewable Energy Program targets $15.9 billion project pipeline

Half of families in the Kingdom wanted to use solar power Renewables market growing rapidly in Saudi Arabia.

RIYADH: Saudi Arabia’s National Renewable Energy Program is targeting SR60 billion ($15.9 billion) worth of project investments, according to a report issued by Riyadh Chamber, SPA reported.

The report said that at least half of families in the Kingdom wanted to use solar power in their homes.The Kingdom wants to increase the generation capacity of renewable energy sources to about 58.7 gigawatts by 2030, of which 40 gigawatts (GW) would be from solar and 16GW from wind energy and the balance coming from other renewable energy sources, the report said.

The renewable energy market in the Gulf Cooperation Council countries has already reached 17 gigawatts and stands at 70 gigawatts in the wider MENA region, the newspaper reported.Saudi Arabia ranks 6th globally in solar potential and 13th globally for wind power, Al Eqtisadiah said.

Source: arabnews