JEDDAH: Saudi Arabia plans to invest more than SR300 billion in electric power sector by the end of 2020, with the aim of increasing production capacity, development of transport networks and stations, and all associated systems, Sawary Energy Vice President Sami Akeel said in a press statement Monday.
Sawary is one of the largest companies in the power industry operating in Saudi Arabia for the past 40 years
Noting the great challenges faced by the sector in the Kingdom, with a production capacity reaching about only 54 MW last year, he said the Kingdom needs to add about 5,000 megawatts annually, and that thousand megawatts need around SR15 billion investments, reported Saudi Gazette newspaper.
Meanwhile, Booz & Company estimates that the MENA region holds 45 percent of the world’s total energy potential from all renewable sources.
Algeria, reckons the consulting firm, has the greatest potential for solar power, followed by Libya, Saudi Arabia and Egypt.
Already, some countries in the MENA region have announced ambitious renewable energy generation targets.
Algeria has announced plans for 22,000 mw of renewable energy capacity by 2030, for example, and Morocco is targeting 2,000 mw of new solar generation capacity by 2020. (QNA)