by Staff Writers
Abu Dhabi (AFP) Jan 16, 2017
Saudi Arabia is set to launch a renewable energy programme worth up to $50 billion, as the world's largest oil exporter vies to diversify its economy, its energy minister said Monday.
"This is the first time we talk about the specific programme," minister Khaled al-Falih told the World Future Energy Summit in Abu Dhabi.
"I am pleased to announce that we will be launching in the next few weeks in Saudi Arabia the first bid round of our massive programme to introduce renewables," he said.
Falih said the projects are aimed to reach a capacity of 10 gigawatts by 2023 and will cost between $30 billion and $50 billion, adding that they will include solar and wind power projects.
"Ten gigawatts is only the beginning," he said.
Falih had said when the kingdom's National Transformation Plan was announced in June that the oil-rich kingdom plans to be a "very strong competitor" in renewable energy.
Saudi Arabia and other Gulf monarchies have been looking into ways to cut their energy bills and diversify their power sources away from oil, their main export commodity.
Falih said on Monday that 70 percent of the kingdom's utilities, which he said will reach a total of 100 gigawatt capacity "rather soon", will be fuelled by gas.
"Saudi Arabia will become one of the leaders of the sustainable economy," he added.
All About Solar Energy at SolarDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|