Riyadh- The Saudi Arabian General Investment Authority (SAGIA) plans to hold discussions with local companies that are capable of implementing renewable energy projects to figure out their needs and requirements, with the aim of attracting more investments to the sector.
Discussions come within the framework of the ambitious program of Saudi Arabia aimed at achieving number objectives to enhance the contribution of renewable energy to the energy mix.
The total value of two projects scheduled for discussion was not estimated, but was described as “hundreds of millions of dollars” – the first phase of the renewable energy project to reach 9.5 gigawatts by 2023.
Such projects will contribute to nationalizing the components of renewable energy, Mohammed Abdullah, energy and water investments manager at SAGIA said.
Investors will be able to benefit from the Kingdom’s central and strategic position to serve the renewable energy sector in the region, he added.
Saudi Arabia has launched the King Salman Renewable Energy Initiative, under which 10 percent of power will be generated from renewable energy sources.
The first stage of the initiative aims to produce 700 megawatts (MW) mainly from solar and wind energy, in addition to waste recycling technologies and green gas energy, which provides the Kingdom with the world’s cleanest energy portfolio.
Renewable energy is increasingly becoming a new sector in the Kingdom and is expected to expand until the new renewable energy program can reach its target by 2023. Saudi Arabia’s renewable program involves investment ranging between $30 billion and $50 billion by 2023.
Saudi Arabia has invited investors to submit requests to qualify for the first round.
The Kingdom Renewable Energy Summit 2017 will bring over 200 experts and representatives from government, private sector, international development agencies, nongovernmental organizations, think tanks, and academia, to discuss the current green energy policy framework for Saudi Arabia and create a vision for the future of the sector that is rooted to a strong economic growth.