26 Apr '16, 5pm

#SolarGCC , Saudi Arabia hits renewable reset button with new 9.5GW target. Read more:

#SolarGCC , Saudi Arabia hits renewable reset button with new 9.5GW target. Read more:

The 13MW first phase of the Mohammed bin Rashid Al Maktoum Solar Park. Source: First Solar. Saudi Arabia has confirmed a new 9.5GW renewable energy target as part of its 2030 Vision initiative to move its economy away from reliance on oil. The plan was revealed on Monday and includes a combination of asset sales, subsidy reforms and the creation of a US$2 trillion sovereign wealth fund. The country famously announced a US$109 billion solar investment plan in 2012 but has seen little in deployment since. Under the new goals, manufacturing will also be targeted, and foreign investment in projects will be encouraged as part of public-private partnerships. This model has already proved successful in other Gulf economies, notably the UAE . “Even though we have an impressive natural potential for solar and wind power, and our local energy consumption will increase three fold by ...

Full article: http://www.pv-tech.org/news/saudi-arabia-hits-renewable-r...

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Saudi Arabia hits renewable reset button with new 9.5GW target

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