Saudi Arabia is significantly advancing its renewable energy initiatives with a substantial investment of $8.3 billion. This funding is allocated to seven major projects, comprising five solar photovoltaic plants and two wind farms, collectively adding 15,000 megawatts to the national grid. The projects are developed by a consortium led by ACWA Power, in partnership with the Water and Electricity Holding Company (Badeel) and Aramco Power, a subsidiary of Saudi Aramco. The agreements were signed in the presence of Energy Minister Prince Abdulaziz bin Salman Al Saud, marking a pivotal step in the Kingdom's National Renewable Energy Program.
The solar projects are strategically located across various regions: Bisha in Asir Province, Al-Humaij in Madinah, Khulais in Makkah, and two sites in Afif, Riyadh Province. The wind energy projects are situated in Riyadh Province. These developments are part of Saudi Arabia's broader strategy to diversify its energy sources and reduce dependence on hydrocarbons, aligning with the country's Vision 2030 objectives.
These initiatives underscore Saudi Arabia's commitment to becoming a global leader in renewable energy, with plans to achieve 50% electricity generation from renewable sources by 2030 and to reach net-zero carbon emissions by 2060. The projects are expected to be operational by 2028, contributing significantly to the Kingdom's energy transition and economic diversification efforts.