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Saudi Arabia launches five renewable energy projects

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).

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.

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