• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 20 mins Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 2 days We're freezing! Isn't it great? The carbon tax must be working!
  • 2 days US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 10 hours Let’s take a Historical walk around the Rig
  • 4 hours Beijing Must Face Reality That Taiwan is Independent
  • 19 hours Trump has changed into a World Leader
  • 20 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 19 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 3 days Indonesia Stands Up to China. Will Japan Help?
  • 2 days Might be Time for NG Producers to Find New Career
  • 3 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard

Saudi Arabia Sets Up New $320 Million Renewables Fund

Saudi Flag

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
Download on the App Store Get it on Google Play