According to a recent report by Arabian Business, Saudi Arabia is going to offer contracts to purchase 1 gW of clean energy by the end of this year.
Specifically, the power-purchase agreements include the generation of 620 mW of solar energy and 4,000 mW wind power. Head of clean energy project development at the country’s Ministry of Energy, Industry and Mineral Resources, Turki al-Shehri, stated that long-term energy purchase deals will be guaranteed by the government as part of its plans to privatize energy utilities in the future. As he pointed out, the country is planning to generate 10% of its electricity from renewable sources by 2030. He said:
“The kingdom has set a truly wonderful vision. The tenders that were recently issued, this is only the beginning of our accomplishment. We are open for business.”
To achieve such a power generation capacity, al-Shehri went on to say that local-content requirements will be needed in the program.
As announced by the Saudi government in 2016, it aims to diversify its economy and boost other sources of income other than oil by 2030.