Market Research Reports - Ken Research Upcoming Solar Projects in Saudi Arabia

Growing Use of Renewable Energy
Resources,
Stability
of
the
Government and Reductions in the
Electricity Subsidies will lead the
Market for Cleantech Energy.
September 2017 |Saudi Arabia News
 Solar Energy segment will contribute larger share in total percentage of
cleantech energy mix.
 Reduction in subsidies will make cleantech energy more price competitive
making it an attractive option for investment in energy sector.
 Wind Energy segment along with Waste to Energy will register slow growth
compared to development of solar energy.
 Use of CSP technology will get boost for desalination of water.
The government of Saudi Arabia has taken various steps that have increased the
investments in the cleantech energy sector in Saudi Arabia. The National Renewable
Energy Program (NREP) has set the target of increasing the renewable energy
production up to 9.5 GW by 2023, to support the Saudi Arabia’s Vision 2030, with
the interim target of 3.45 GW of renewable power capacity by 2020 under the
National Transformation Program (NTP). Also, the government has reduced the
subsidies provided to the electricity sector of the country which have increased the
cost of producing electricity from conventional sources of energy. This has made the
electricity generation by using renewable resources more competitive and has led to
the development of renewable energy sector in the country as more companies are
entering into this sector and producing the electricity by using renewable energy
resources rather than conventional resources. The country has huge potential of
developing wind energy and solar energy sector in Saudi Arabia due to the suitable
geographical and climatic conditions of the country. The cleantech energy sector in
Saudi Arabia is expected to increase by more than 16 times from 2016-2020. The
wind energy sector in Saudi Arabia is expected to increase by manifolds due to the
introduction of Midyan Wind Energy project in 2019. The EPC method for
developing the project will continue to generate revenue for companies operating in
this segment.