You know humanity is about to take a major leap away from fossil fuels consumption when the world’s leading oil exporter, Saudi Arabia, announces it exploring its option in the renewable energy sector.
Saudi Arabia is eyeing to generate 9.5 GB of energy from renewable energies; chiefly solar and wind energy. The Kingdom is currently inviting international and local firms operating to bid for the two projects; solar and wind energy production.
The kingdom plans to set up a 300 MW solar energy generation plant in Al-Jouf province located in the north of the kingdom. The second wind energy production plant will be set up in Tabuk, in the northwestern parts of Saudi Arabia. The wind energy plant is targeting to produce 400 MW.
According to estimates released by the Saudi government, the kingdom will surpass energy consumption of over 120 GW by the year 2032. Currently, virtually all power consumed in the kingdom comes from burning of fossil fuels.
However, as part of the country’s Vision 2030 economic reform plans, Saudi Arabia wants to move away from heavy reliance on fossil fuels consumption in favor of renewable energy by the year 2023.
The Minister of Energy, Industry, and Mineral Resources, Khaled al-Falih said, “This marks the starting point of a long and sustained program of renewable energy deployment in Saudi Arabia.”
al-Falih added that diversifying the country’s energy sources into renewable energy will not only increase the kingdom’s power mix but also enhance further economic development. He estimates that it will cost the country between $30 billion and $50 billion to set up the renewable energy plants.
Bidding companies have until March 20th to file documents for the pre-qualifications vetting. Successful bidders will be announced on April 10th. Formal proposals will be presented until July.