Skip to content Skip to Search
Skip navigation

Saudi adds 5,500MW to meet its renewable energy target

Saudi Arabia's energy minister Abdulaziz bin Salman Al Saud at the power purchase agreement signing ceremony Saudi Energy Ministry
Saudi Arabia's energy minister Abdulaziz bin Salman Al Saud at the power purchase agreement signing ceremony

Saudi Arabia has launched three new mega solar PV projects with a total capacity of 5,500 megawatts (MW).

State-owned Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three projects with Acwa Power Company, Water & Electricity Holding Co. (Badeel), a wholly owned unit of Public Investment Fund, and Saudi Aramco Power Company.

The cost of the projects were not given.



The kingdom has awarded 21 renewable energy projects, collectively more than 19 gigawatts (GW) of capacity, under the National Renewable Energy Programme, the ministry said in a statement. 

One gigawatt is enough energy to power about 750,000 homes.

Seven projects, totalling 4.1GW, have been connected to the grid, while another eight projects, with a combined capacity of 8.2GW, are under construction. 

Six projects, with a total capacity of 7GW, are nearing financial closure.

Since the start of 2024, six new projects with a total capacity of 6.7GW have been launched. 

The kingdom plans to launch additional projects to achieve the interim target of 20GW of electricity from renewable energy by the end of 2024.  

This week the kingdom launched a survey involving 1,200 sites to find the best places for future solar and wind power projects.   

Energy minister Abdulaziz bin Salman Al Saud, who has signed contracts for Saudi companies to conduct the survey, said it was the largest of its kind in the world. 

“The kingdom will tender new renewable energy projects with a capacity of 20GW annually, aiming to reach between 100GW and 130GW by 2030, depending on electricity demand growth,” he said.

Latest articles

Saudi inflation June 2024. Clothing and footwear prices in Saudi Arabia were down 3.2 percent year on year in June, and 0.2 percent month on month

Non-oil discounting brings Saudi inflation down

Saudi Arabia’s year-on-year consumer inflation rate fell to a low of 1.5 percent as non-oil businesses competed over prices but the wholesale price index remained at a high of 3.2 percent, reflecting high prices globally.  The consumer price index was down from 2.7 percent in June 2023. The CPI was also down from the 1.6 […]

hasan al fardan

Fintechs having ‘no impact’, says remittances CEO

Fintechs are no threat to the UAE-based remittances company Al Fardan Exchange, its CEO Hasan Al Fardan has declared. Al Fardan said there was no intention to drop fees to compete with finance technology startups. To date, he said, fintechs have had “no material impact on our business or our operations. We are hitting record […]

Almost 300,000 European visitors contributed to Oman's hotel revenues growing by more than 10 percent

Oman hotel revenues increase more than 10%

Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […]

Saudi fishing trawlers

Saudi fishing industry bolstered by support plan

Saudi Arabia’s fishing industry has landed a financial support programme from the government as part of plans to develop and safeguard the sector. Fish production in the kingdom increased 80 percent in 2023 year on year to 214,600 metric tonnes. The goal is to increase that by 7 percent to 230,000 tonnes this year. The […]