The Kingdom of Saudi Arabia, the world’s biggest oil exporter, is expected to lead Renewable Energy Developments in the coming years with up to $7 billion worth, according to the International Renewable Energy Agency. The Kingdom of Saudi Arabia, which largely relies on oil to generate power, has set ambitious targets to add 9.5 GW of renewable energy by 2023, as it looks to sell more of its crude oil to export markets. As per the Vision 2030, the Ministry of Energy, Industry, and Mineral Resources (MEIM) are expected to tender 3.25GW of solar and 800 Megawatts of wind capacity this year alone. The Kingdom’s inaugural 400MW wind project received global interest. It expects to commence $7 billion worth of renewable energy projects this year, with solar plants leading the way.
The Kingdom’s National Renewable Energy Program (NREP) that is managed and executed by the MEIM is directly supporting Saudi Arabia’s National Transformation Program (NTP) and Vision 2030