Abu Dhabi – Saudi Energy Minister Khaled Al-Falih said that the Kingdom would launch a renewable energy program, involving investments ranging between $30 billion to $50 billion by 2023.
The energy minister added that Riyadh was also preparing feasibility and design studies for its first two commercial nuclear reactors, which will total 2.8 Gigawatts.
Speaking during the World Future Energy Summit in Abu Dhabi, Falih said that the Kingdom would start the first round of bidding for projects under the program, which would produce 10 Gigawatts of power.
“There will be significant investment in nuclear energy,” Falih said.
The new program falls within the Kingdom’s Vision 2030, which was launched last April to shift the country from the oil-based industry, following a plunge in oil prices.
Falih also told the conference that Saudi Arabia was working on ways to connect its renewable energy projects with Yemen, Jordan and Egypt.
Reuters quoted him as saying: “We will connect to Africa to exchange non-fossil sources of energy.”
Under Saudi Vision 2030, the Kingdom is seeking to conduct many of its future infrastructure projects through partnerships with the private sector.
The 10th World Future Energy Summit (WFES) kicked off on Monday in Abu Dhabi, under the theme of “Sustaining the Clean Energy Consensus; Empowering New Players”.
The summit brought together the world’s leading technology providers, government delegations, innovators and thought leaders in Abu Dhabi. Organizers expected around 880 companies from 40 countries and 38,000 attendees from 175 countries.
Local Abu Dhabi newspapers said that the summit was hosted by Masdar, as part of Abu Dhabi Sustainability Week.