Gulf Oil and Gas accountACCOUNT

Saudi Arabia to Offer 1 Gigawatt of Renewable Contracts in 2017

Source: Bloomberg 4/24/2017, Location: Middle East

Share |
Saudi Arabia will offer as much as 1 gigawatt of contracts to buy renewable electricity by the fourth quarter of this year, a government official said, putting more detail on a program designed to stimulate the kingdom’s wind and solar industry.

The government will auction power-purchase agreements covering 620 megawatts of photovoltaic installations and 400 megawatts for wind farms in its second round of tenders for the technologies, said Turki al-Shehri, head of renewable energy project development at the Ministry of Energy, Industry and Mineral Resources.

The oil exporting nation’s goal is to install 3.45 gigawatts of renewable by 2020 and 9.5 gigawatts by 2030, about 10 percent of its current electricity generation capacity. With a growing population, the kingdom is consuming more of its own oil and natural gas resources to feed its utilities.

“It is truly unprecedented for the kingdom,” Al-Shehri said at the Bloomberg New Energy Finance conference in New York on Monday. “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.”

Al-Shehri said there would be local-content requirements in the program designed to encourage manufacturers to build capacity in Saudi Arabia. Those rules will be raised in successive years.

Earlier this month, the ministry said it cleared 27 companies to bid for a 300-megawatt solar plant and 24 firms for a 400-megawatt wind farm. That revived a process that was held up by a suspension of the tender process in March announced by the national utility, Saudi Electricity Co.

Al-Shehri said the long-term power-purchase deals will be guaranteed by the government, since the kingdom also is intending to privatize the utility in the coming years. The government is in the process of offering to investors a stake in its oil company, Saudi Arabian Oil Co., or Aramco.

Renewable Energy News in Saudi Arabia >>

Oman >>  9/13/2017 - The Asian market continued its upward trend in August, and was also affected by disruption of supply from the USGC, resulting in growth in all produc...
United Arab Emirates >>  9/11/2017 - Lamprell announces the appointment of John Malcolm in the role of Non­Executive Chairman for the Company with effect from 20 September 2017, followin...

Oman >>  9/10/2017 - Petroleum Development Oman (PDO) has agreed two deals worth US$253.1 million to Omanise the provision of vital equipment for the oil and gas industry....
Iraq >>  9/8/2017 - DNO ASA, the Norwegian oil and gas operator, announced an agreement with ExxonMobil to join the Baeshiqa license in the Kurdistan region of Iraq. ...

Saudi Arabia >>  9/5/2017 - In Saudi Arabia, the first six months of 2017 indicate a 3.0% y-o-y decline in oil requirements. The main factors behind this are the sluggish volumes...
Iraq >>  8/24/2017 - DNO ASA, the Norwegian oil and gas operator, has been assigned the 20 percent interest in the Tawke license held by the Kurdistan Regional Government ...

Related Categories: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

Related Articles: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |

More News

 

Oil & Gas Companies in Saudi Arabia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.