RIYADH: RODOLFO C. ESTIMO | ARAB NEWS STAFF
Published — Friday 25 July 2014
Last update 25 July 2014 8:04 pm
The Kingdom has confirmed its commitment to allocate over $109 billion of investment to develop a strong renewable energy sector by 2032, according to energy industry sources.
The Kingdom’s strategy targets renewable energy to contribute 20-23 percent of its energy needs, with the world’s most valuable company, the Saudi Aramco, taking the lead in the country’s solar energy development.
The ambitious plan is fast progressing as Saudi Aramco is already setting up a 300 MW plant, the sources said.
The government has also mandated the Saudi investments funds to use their substantial liquidity to partner with international renewable energy providers to cater for this rapidly growing sector.
They said Saudi renewable energy investors and project holders are instructed to invest in and conduct business with viable solar businesses around the globe.
The sources said that the key to achieving its potential in the solar energy market is Saudi Arabia’s effective collaboration with international experts and establishing the most beneficial partnerships to further the Kingdom’s objectives.
“Energy summits play a vital role in providing the right introductions, meeting, and dialogue platforms for the development of the sector, whereby the opportunities for partnerships are created,” they said.