Middle East > Saudi Arabia > Kingdom’s energy demands using renewable energy

Saudi Arabia: Kingdom’s energy demands using renewable energy

2013/07/20

Saudi Arabia aims to become the world’s foremost market for renewable energy with an aggressive investment budget of $109 billion. By 2032, the country strives to generate as much as a third of the Kingdom’s energy demands using renewable energy (54 GW).

Following the publicity surrounding the country’s major investment drive, King Abdullah City for Atomic and Renewable Energy (KACARE) released a series of documents detailing the revised National Energy Plan. In addition to the 41 GW of solar power, 25 GW of CSP and 16 GW of PV, the Kingdom is aiming to generate 18 GW of nuclear energy, 3 GW of waste to energy, 1 GW of geothermal and an additional 9 GW of wind power, specifically for water desalination plants.

Impressive and noble though the country’s renewable energy goals maybe, the question remains how will the world’s major exporter of oil, so dependent on conventional energy sources for their power request, achieve such a transformation.

Establishing a time-line with long-term policies is at the top of the inventory.

According to Keisuke Sadamori, director of the energy markets and security directorate, International Energy Agency (IEA), "One of the key messages from the Medium Term Renewable Energy Market Statement 2013 by the IEA is that policy uncertainty is the major risk for renewable investment . Each country, inclunding Saudi Arabia, should introduce long-term policies to provide a predictable and reliable framework to support renewable deployment."

Sadamori, alongside various other international and regional renewable energy experts, will be discussing the key challenges faced by Saudi Arabia and the steps toward overcoming them at the upcoming 3rd Annual Solar Arabia Summit. Taking place on Sept. 29-30 in Riyadh, the summit is hosting 35 experts who will each share their experience in the industry and discuss the new market trends and policy development in the Kingdom.

Rasheed M. Alzahrani, CEO, Riyadh Valley Company, is as well speaking at the summit to discuss joint ventures, partnerships and investments in renewable energy in the Kingdom.

He as well acknowledges that "high level plans are by presently in place, but the major challenge in the Kingdom lies in the absence of a detailed time-line for a clear and gradual shift to renewable energy in the country and the slow adoption and advancement in renewable energy initiatives."

At the same time as asked about his company’s participation in the summit, Alzahrani said: "We intend to invest in this sector both in early and late stage opportunities that will add price to the local needs. We will use this platform to introduce RVC and its initiatives and to help foster the development of an energy ecosystem in KSA."

Alongside the summit’s conference schedule, 250 Saudi energy stakeholders are attending to have one-to-one business meetings with up to 40 international solution and service providers.

Confirmed participants include Schneider Electric, Total, Sterling and Wilson, SMA Technology and Trishe Renewables.

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