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The National Renewable Energy Program (NREP), backed by the Public Investment Fund (PIF), outlines plans for 11.8 GW of renewable energy projects in collaboration with ACWA Power by 2025, subject to approval from the Ministry of Energy. This initiative aligns with the goal of generating 50% of electricity from renewable sources by 2030.
The King Abdullah City for Atomic and Renewable Energy (K.A.C.A.R.E.) is a scientific research and governmental entity in the Kingdom of Saudi Arabia and is chaired by the Minister of Energy. K.A.C.A.R.E. was founded in 2010 with a mandate to develop nuclear and renewable energy in Saudi Arabia. It is headquartered in Riyadh city.
Indeed, Saudi Arabia has been ranked the 6th in solar energy potential. [33] Saudi Arabia's Ministry of Energy is advancing its National Renewable Energy Program with a $50 billion plan aimed to develop 30 solar and wind projects by 2030. This effort aims to increase electricity generation and reduce oil dependency.
The venture aligns with Saudi Arabia's Vision 2030, an ambitious economic transformation plan designed to reduce dependency on oil by developing sectors like mining, technology, and renewable energy.
In 2020, ACWA Power was awarded the contract for the world’s largest renewable off-grid utilities system at Saudi Arabia’s tourism megaproject The Red Sea Project. [69] The project will feature a battery energy storage system (BESS) with a capacity of more than 1GWh in order to provide a 24-hour supply of energy. [70]
The Sudair Solar PV Project, a solar photovoltaic power plant, is in the final stages of commissioning in Sudair Industrial City, Saudi Arabia.This project forms part of the Public Investment Fund (PIF)'s initiative within the renewable energy sector and aligns with the Saudi Vision 2030 project, which aims to derive 70% of the country’s renewable energy by 2030.
Saudi Vision 2030 is a Saudi Arabian government program launched by Crown Prince Mohammed bin Salman in January 2016. The program aims to diversify the Saudi economy away from oil, in addition to transforming the country both socially and culturally. [1] This following is a list of all projects that were announced as part of Vision 2030: [2]
Saudi Vision 2030 (Arabic: رؤية السعودية ٢٠٣٠ ruʾyat al-suʿūdiyah alfayn thalāthūn, sometimes called Project 2030) is a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman.