Abu Dhabi: Saudi Arabia is going big on renewables and nuclear with an investment outlay of up to $50 billion in the short term, its energy minister said on Monday.
The oil rich kingdom hit by low oil prices and budget deficits plans to rely more on renewables, emulating the UAE by investing in renewable and nuclear energy.
Saudi Arabia is launching in the next few weeks the first round of bids for a massive programme of 10 gigawatts from renewables with a total investment of $30 to $50 billion by 2023.
Khalid Al Falih was speaking on the opening day of the World Future Energy Summit in Abu Dhabi.
“We will be launching in next few weeks, first to bid round of massive programme of 10 gigawatts of $30 to $50 billion by 2023. That’s the target. Some bid rounds will go in next few weeks. This will be primarily solar and wind,” he said.
Saudi Arabia also plans to invest in nuclear energy by building two nuclear reactors with a total capacity of 2.8 gigawatts.
“We are going nuclear. We are in the early feasibility and design stage for the first two reactors, which will complement 10 gigawatts of renewable by 2023.”
He said Saudi Arabia is also working on an interconnection of renewable energy project that will connect the kingdom to Yemen, Jordan and Egypt to exchange non-fossil sources of energy.
Saudi Arabia, the world’s largest oil exporter produces very little renewable energy, representing less than one per cent of the total produced.
