HAALA Energy CEO: Saudi market among most promising for renewables

Faris Al-Sulayman, CEO of HAALA Energy

Faris Al-Sulayman, CEO of HAALA Energy, said Saudi Arabia's renewable energy market holds immense potential compared to global and regional markets, driven by vast land availability, high solar radiation levels, and strong government support, making it one of the most promising markets for renewable energy.

In an interview with Argaam, Al-Sulayman said that with ongoing technological advancements and regulatory developments, Saudi Arabia is expected to play a leading global role in the solar energy sector.

He explained that growth in the sector varies by project type. Utility-scale projects are seeing significant expansion, primarily led by large government-driven initiatives, positioning the kingdom as one of the world's fastest-growing markets in this field.

Al-Sulayman highlighted strong growth in the industrial and commercial sectors, though several factors, such as subsidized electricity prices, influence adoption. Factories, for instance, pay SAR 0.18 per kilowatt-hour, a rate lower than global averages. He also pointed to the steady decline in solar panel prices over the years and the ongoing evolution of government policies.

The Gulf region is experiencing rapid growth in solar energy, making it one of the fastest-growing renewable energy markets outside China, supported by government initiatives and significant investments in clean energy projects, he added.

Regarding the commercial and industrial sectors, Al-Sulayman acknowledged that their current market share remains limited but is expanding rapidly. Many companies and factories are adopting solar solutions to lower operating costs and enhance sustainability.

HAALA Energy operates as both a contractor and developer for solar energy systems, giving it a competitive edge in a market where contractors are abundant, but developers are relatively scarce, he said.

The company has executed several projects, including a 1-megawatt installation for Tamer Logistics in Jeddah, which integrates self-cleaning robotic technology to enhance efficiency and reduce maintenance costs. Other projects include a 3-megawatt solar system at Panda KAEC Distribution Center, currently under construction, and a 700-kilowatt rooftop solar installation at Dr. Soliman Fakeeh Hospital in Jeddah, where parking areas were converted into a solar power system, providing clean energy while creating shaded spaces for vehicles. Additionally, the company implemented a 1-megawatt solar project for IKEA in Medina.

Al-Sulayman emphasized the impact of government initiatives in supporting the renewable energy sector, highlighting the Saudi Industrial Development Fund’s "Mutajadeda" program and the Saudi Electricity Company’s efforts to facilitate solar grid integration, qualify contractors through the "Shamsi" program, and stimulate renewable energy investments. These measures, he said, have created a favorable environment for solar energy growth in the kingdom.

Raising awareness about renewable energy’s benefits and overcoming regulatory and legislative challenges—areas the government and private sector are actively addressing—will be crucial to accelerating project implementation, alongside ongoing support and financing initiatives, he concluded.