Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
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.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

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

Property app Stake says it is close to acquiring a fully-rented mall and a 140-apartment tower in Riyadh

Property app Stake to launch in Saudi Arabia

A fractional-ownership platform that enables investors to own parcels of real estate for as little as SAR500 ($134) is to launch in Saudi Arabia on December 9.  Based in Dubai, Stake offers investors the opportunity to buy parts of residential and commercial properties.  Fractional property ownership is a rising trend in the global real estate market. […]

Saudi date drink cola Milaf

‘World first’ date soft drink launched by PIF subsidiary

A soft drink made from dates has been launched by Al Madinah Heritage Company, a subsidiary of Saudi Arabia’s Public Investment Fund. Milaf Cola, which is claimed to be the world’s first commercial soft drink made from dates, uses only premium fruit and contains no added sugar.  Dates have historically been used in Middle Eastern beverages […]

Uber and WeRide launch autonomous mobility service in Abu Dhabi

Uber launches driverless operations in Abu Dhabi

Ride-hailing giant Uber Technologies and Chinese autonomous vehicle tech company WeRide have launched a commercial driverless taxi service in Abu Dhabi. The service, available on the Uber platform, will be available for trips on Saadiyat Island, Yas Island and routes to and from Zayed International Airport, with plans to expand the operating territory in the […]

Houses in Royal Crescent, Holland Park. The area is one of London's most expensive neighbourhoods

Abu Dhabi royal family buys £61.5m London mansion

Abu Dhabi’s Al Nahyan royal family has purchased a mansion in Holland Park, one of London’s exclusive neighbourhoods.  The family paid £61.5 million ($78.1 million) for the property, which includes a swimming pool and cinema room, Bloomberg reported, citing people familiar with the matter. The deal was completed in October before the UK government introduced […]