Energy Saudi Arabia launches five renewable energy projects By Pramod Kumar September 26, 2022 REUTERS/Regis Duvignau Enlight Renewable Energy has a $1.95 billion market cap on the Tel Aviv Stock Exchange The state-owned Saudi Power Procurement Company has launched five renewable energy projects to produce 3,300 MW of electricity, Saudi Press Agency has reported. The wind energy projects in Yanbu, Al-Ghat and Waad Al Shamal have a combined capacity of 1,800 MW, generating 700 MW, 600 MW and 500 MW respectively. With a total production capacity of 1,500 MW, the two solar energy projects will be located in Al Hinakiyah (1,100 MW) and Tabarjal (400 MW). New CEO named for Saudi’s $1.3 trillion private sector push The new projects are part of the fourth phase of the Ministry of Energy’s National Renewable Energy Program. The kingdom is targeting to reach zero-net emissions by 2060 through the circular carbon economy approach. In July, Riyadh-listed Saudi Electricity Co. transferred its entire stake in Saudi Power Procurement Company to the government.