According to media reports, Saudi Arabia plans to meet a third of its electrical power needs from solar by attracting US$109 billion in investment for the establishment of a specific industry. Meanwhile, Mecca is planning to install 100 MW of solar panels.
A group of up to 20 solar panel bidders are expected to compete for the projects, which are scheduled to be announced next January 5. “We want to be first city that owns power plants and hopefully the first in the Muslim world,” said al-Bar in an interview.
Overall, Bloomberg reports that Saudi’s central government is looking to attract investment of up to $109 billion to establish a solar grid tied industry in the region, with the aim of harnessing a third of the kingdom’s power needs from solar energy. “The target is almost as much as the $136 billion invested worldwide in solar energy last year, according to Bloomberg New Energy Finance.”
At the start of May, the governments King Abdullah City for Atomic and Renewable Energy (KA-CARE) announced Saudi Arabia’s ambitious plans to install 41 GW worth of solar by 2032. The program aims to “catapult Saudi Arabia into the group of global leaders in renewable-energy development.”
Source: PV Magazine