The global major Oil and gas exporter and GCC’s robust economic powerhouse Saudi Arabia has announced up latest agreements for adding up the Gas as well as renewable power projects that adds better value as well as which is equated to a one million Oil barrels per day within 2030, as according to Mohammed bin Salman, the kingdom’s crown prince and ruler.
This is in turn viewed as the commitment the nation have for the green energy projects in the future.
The Kingdom is in pursuit of overviewing to venture into greener environmental strategy as it wishes to attain a perfect power mix and also upsurge its Oil barrel exporting policy. They are also committed in general as a part of their diversification strategy for 2030 for curbing out the emissions as well as the energy impetus and reliance over fossil fuels.
There have been Seven latest power procurement agreements that have been signed as in for progression of nurturing the Solar PV initiatives, inclusive of the most recent $906Mn scheme within the Sudair Industrial City.
The kingdom also strategizes to justify for almost half of the territory’s wind dimensions requirements as well as upsurge within the year 2028.
As per the comments reported within a Saudi Press Agency, by Prince Mohammed Bin Salman: “We aim to have the share of each gas and renewable energy in this mix at 50 percent by 2030. The overall development of the utilization of renewables as well as gas could substitute about one billion barrels of oil per day utilized for electricity and water desalination.”
It’s ever initial, the Gulf Kingdom initiated the Sakaka IPP PV solar project, further added that the structure of the Dumat Al-Jandal wind power project will be finalized at the earliest. The best-in-class innovative utility-scale wind project is being established by joint alliance of France’s EDF and Abu Dhabi’s Masdar.
It has been created at an overall budget valued at 1.2Bn Saudi Riyals ($320Mn) and is the Kingdom’s initiative to power out more than 6,00,000 inhabitants and upsurge 27.3 gigawatts of the cleaner energy to their grid within 2024.
This will also aid in turn for curbing out the greenhouse gas discharges by in excess of 7Mn tons.
Prince Mohammed also further stated out that: “the overall output turnover for these 7 projects, along with Sakaka and Dumat Al Jandal initiative will account in for in excess of 3,600MW.
On Thursday, there was a power procurement agreement signed and backed in by the sovereign Public Investment Fund to be structured out within Sudair Industrial city at an overall budget worth of 3.4Bn Saudi Riyal contract for churning out 1.5Gigawatt Sudair Solar power plant. This project will aid in powering out 1,85,000 homes, neutralizing out 2.9 million tonnes of carbon dioxide.
Acwa Power and the Water and Electricity Holding Company, Badeel are two PIF-backed groups credited for establishing them.
The PIF embraces a 50 percent stake in Acwa Power, one of the most fruitful makers of conventional as well as the renewable power projects within the kingdom. The conglomerate signed the 25-year power procurement agreement with the Saudi Power Procurement Company.
The project is set for getting inaugrated in the second half of 2022 and will become the major of its kind in the kingdom.
Under the Middle-East Green Resourcefulness, the kingdom will harmonize with neighbouring states and local partners to plant 40 billion trees. The enduring 10 billion trees will be established in Saudi Arabia under the Saudi Green Initiative.
PIF governor Yasir Al-Rumayyan further stated that: “The Sudair Solar PV plant and the signing of this important agreement embody PIF’s commitment to invest in sectors that will shape the future of the global economy. The renewable energy sector is a critical sector that provides sustainable solutions against the challenges of climate change, through developing projects aimed at reducing carbon emissions.”
The Chairman of ACWA Power, Mohammad Abunayyan, stated that: “With the world having reached a critical juncture in developing solutions to urgently address climate change, Saudi Arabia is proud of its leading role in driving the energy transition effort. As the first project under the PIF renewables programme, the Sudair Solar PV plant holds special significance, marking the advancement of the journey towards a sustainable economy.”
The PIF has been given the mandate to mature nearly 70 percent of renewable ventures in Saudi Arabia. Utilities and renewables are among the 13 segments predictable by the fund as part of its Vision 2030 strategy.