Saudi Arabia to invest $30-50 bln in renewables by 2023

Saudi Arabia will soon launch a renewable energy program that will see it invest between $30 billion and $50 billion by 2023, agencies reported on Monday, citing energy minister Khalid Al-Falih.

The kingdom plans to invest mainly in solar and wind projects, as well as some geothermal and waste ones, Al-Falih said at a conference in Abu Dhabi.

“Saudi Arabia [is] on the cusp of launching the first round of bidding pertaining to the national program for renewable energy,” he added, cited by Saudi state news agency SPA.

In the wake of falling oil prices, Saudi Arabia, the world’s top oil exporter, announced its Vision 2030 reform plan last year to reduce reliance on hydrocarbons.

Under the reforms, the kingdom plans to add 9.5 gigawatts (GW) of renewables to its energy supply by 2023, a considerable jump from 25 megawatts (MW) of installed renewable energy capacity at the end of 2015.

The country is also eyeing greater investment in nuclear energy, Al-Falih said, noting that Riyadh is in early stages of feasibility and design studies for two commercial nuclear reactors, which will add a capacity of 2.8GW.

No value or timeframe was provided for these investments.