Ilias Tsagas: WFES 2017: Saudi Arabia announces new energy master plan
The new program is set to commence in a few weeks’ time, when Saudi Arabia’s government will launch the first round of bidding for a new renewable energy tender, Al-Falih announced at the World Future Energy Summit 2017 (WFES) in Abu Dhabi. The energy minister did not, however, provide any details regarding the capacity that will be auctioned in the tender.
He did inform the attendants that Saudi Arabia’s new master program for the energy sector will require between USD 30 to 50 billion investment, which will need to come via the private sector.
Solar and wind power will be the preferred technologies in the auctions, but geothermal and waste projects will also be considered, just with a smaller role to play.
Saudi Arabia, OPEC’s biggest oil producer, is aiming for renewable energy installations, primarily of solar and wind, of 9.5 GW by 2023, but this is just the starting point, the country’s energy minister told the ADSW.
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Image credit: Ilias Tsagas
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