• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 2 hours Sources confirm Trump to sign two new Executive orders.
  • 16 hours CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 10 mins Sometimes I Think Trump Supporters on This Forum Are Russians
  • 3 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 10 hours In a Nutshell...
  • 13 mins Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 15 hours A Real Reality Check on "Green Hydrogen"
  • 4 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 day Why Wind is pitiful for most regions on earth
  • 1 day Why Oil could hit $100
  • 1 hour Putin Paid Militants to Kill US Troops
  • 6 hours Where is Alberta, Canada headed?
  • 3 days Coronavirus hype biggest political hoax in history
Who Will Get Full Control Of Libya’s Oil Riches?

Who Will Get Full Control Of Libya’s Oil Riches?

Libya’s conflict is wide-open again,…

Saudi Arabia Sets Up New $320 Million Renewables Fund

Saudi Arabia has set up a $320-million (1.2 billion riyals) fund that will provide debt financing for renewable energy projects, including the manufacturing of renewable energy components, Bloomberg reports.

“Whether you’re in manufacturing, agriculture or retail, if you want to deploy renewable energy, we will finance it,” said the director general of the investment vehicle—the Saudi Industrial Development Fund. "For renewables to be adopted in the kingdom, we need to support it.”

Investment in renewables is a key part of the Kingdom’s diversification strategy called Vision 2030. So far, however, it has not made much progress.

Back in 2012, even before the latest oil price crash, Saudi Arabia said it would invest more than $100 billion in renewable energy. Plans were to soon have a third of electricity generated by solar installations. To date, however, the share of renewable energy in Saudi Arabia’s energy mix is a tiny 0.1 percent.

Then came an even more ambitious project: a $200-billion solar power installation dubbed a solar city and touted to be the largest solar power project in the world. Riyadh, which was planning the project with Japan’s SoftBank, announced the cancellation of the solar city last year.

Still, some smaller-scale plans for renewable energy remain on the table, it seems. In January this year, Riyadh said it will tender 2.22 GW of solar power this year with a view to building as much as 40 GW of solar capacity by 2030. By 2023, the Kingdom said sat the time, it should have 20 GW in solar capacity, up from an earlier target of just 5.9 GW.

To support these projects, the Saudi Industrial Development Fund will provide funding to any company that wants to switch from fossil fuels to renewables.

“Whether you’re in manufacturing, agriculture or retail, if you want to deploy renewable energy, we will finance it,” the fund’s director general, Ibrahim Almojel, also told Bloomberg.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • John Di Laccii on October 01 2019 said:
    Wow!!! These Saudis are damn so smart, they even kow the meaning or the word "renewables"; , hard working people especialy when it comes to sex slaves in Bahrain hotels or those tugged in their hotels in Dammam on business visas for gangbanging. Goebels and Göring would be jeluous. Great stuff, Saudis an renewables, for a shining wonderful, humane, holly, clean and greener, shimmering new country. Damn smart people, damn smart. Great stuff for Camel engines. Wow.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News