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Saudi Arabia Shortlists 51 Firms for Renewable Energy Projects | ASHARQ AL-AWSAT English Archive 2005 -2017
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As part of the Vision 2030 economic reform plan to wean Saudi Arabia off oil, the kingdom has set a target of 9.5 GW of renewable energy by 2023. (Reuters)

Turaif – The Saudi Ministry of Energy, Industry and Mineral Resources has received 128 applications from which it will choose 27 firms to bid on the solar power project and 24 for the wind farm.

It invited local and international firms to try to qualify for bidding on two projects, a 300 MW solar facility and a 400 MW wind power development.

The applications were made before the March 20 deadline.

The market’s response shows “confidence in our vast renewable energy potential and investment environment,” Khaled al-Falih, the minister of energy, industry and mineral resources, said in a statement.

The ministry said the Saudi Arabia Renewable Energy Investment Forum (SAREIF) on April 17 -18 represents a platform for decision-makers, developers, investors and academics on the local and international levels. The forum, which will be held in Riyadh, should show Saudi Arabia’s progress in diversifying energy sources and encourage investment in this promising field, added the ministry.

During the forum, Falih will launch the bids of the first phase projects and speeches will be delivered by: Director General of IRENA Adnan Amin, former US Energy Secretary Ernest Moniz and others.

In a related matter, Falih affirmed that SAR36 billion (USD9.6 billion) will be invested in Wa’ad Al-Shamal Industrial City. Upon completion, it will contribute SAR15 billion (USD4 billion) to the Saudi gross domestic product and also provide thousands of job opportunities.

The energy minister stressed Saudi keenness to develop the mining sector through these giant projects according to new and unique methods, in a way that guarantees boosting the whole country’s economy.