Saudi Arabia has launched five new projects to produce electricity using renewable energy, with a total capacity of 3,300 megawatts, the state news agency (SPA) reported on Sunday.
The projects, which include producing power through solar and wind, were launched by the Saudi Power Procurement Company (SPPC), which is the principal buyer.
The scheme will include three projects to produce power through wind with a capacity reaching 1,800 megawatts and two projects to produce power through solar energy reaching a capacity of 1,500 megawatts, reaching an overall capacity of 3,300 megawatts, SPA added.
The National Renewable Energy Program (NREP) according to a statement on the Ministry of Energy’s website, aims to maximize the use of renewable energy in Saudi Arabia that comes hand-in-hand with Vision 2030.
In August, Saudi Arabia’s Ministries of Finance and Energy fully nationalized the Saudi Power Procurement Co. after buying up shares in one of the firm's subsidiaries. The ministries announced the government had acquired the Saudi Electricity Company meaning Saudi Power Procurement Co. is wholly owned by the state.
This acquisition is part of the Kingdom’s plans to restructure the electricity sector and introduce financial and organizational reforms, the Ministry of Energy said in a statement. One of the main goals of Vision 2030 is for the contribution of renewable energy to reach up to 50 percent of the overall energy mix by 2030.
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