Whilst top oil exporters from the Middle East are no rookies when it comes to investing in renewable energy projects, they very rarely develop installations in their own countries.
Masdar, the state owned, Abu Dhabi, green energy company, has made huge investments into renewable energy projects around the world, especially in Europe where political and public support for renewables are high.
Recently this lack of investment in domestic renewable energy sources has become more apparent, after several articles have been released proclaiming the fact that based on current demand growth, Saudi Arabia will become a net oil importer by 2030.
Masdar’s chief executive, Sultan Al Jaber, has announced that it is looking to invest in renewable energy projects in Saudi Arabia. Potentially helping Saudi Arabia to achieve its target of installing as much as 41 GW of solar power plants, before 2030, and at an estimated cost of over $100 billion.
Jaber said in his statement that “we are proactively seeking partnerships in Saudi. I can't tell how much now because it depends on the market and the regulatory framework but we are seriously and closely looking at the Saudi market.”
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com