Investment in the Kingdom’s renewables drive to boost economic diversification
Saudi Arabia’s ambitious plans for a renewable-focused future will heighten private sector investment and local manufacturing job creation opportunities, according to a leading regional power sector investor.
Turki Al Shehri, CEO, ENGIE Saudi Arabia, the industrial investor in the integrated water power plant (IWPP) sector, says the Kingdom’s renewables drive will significantly boost its economic diversification programme and see public and private sector investment rise to more than US$ 30bn by 2025.
“The diversification of the energy mix goes beyond multiple clean energy sources but also provides the opportunity to create jobs through manufacturing,” explained Al Shehri.
Al Shehri’s forecast comes as Saudi Arabia pursues an energy mix strategy that comprises 30% renewables and 70% gas by 2030. “The objective will be to retire liquid burning plants and switch newer plants to burn gas instead of liquids,” stated Al Shehri. “Renewables will comprise 16GW wind, 40GW solar, and 2.7GW concentrated solar power,” he added.
Al Shehri will use his participation at the free-to-attend ‘Renewables Conference’ at Middle East Energy – the global energy event formerly known as Middle East Electricity.
“In addition, the drive for PPP programs in the public has also created similar PPP opportunities in the private sector. Corporate power purchase agreements are slowly becoming the norm for many private companies seeking renewable solutions,” he added.
“Given the intense focus renewables are now generating across the Middle East & North Africa it is essential this segment has a dedicated product sector within the show profile,” remarked Claudia Konieczna, Exhibition Director, Middle East Energy.
