PROJECTS: Saudi renewable energy drive gains pace: SWF chief

Staff Writer

A drive to expand renewable energy sources and save hydrocarbon resources in Saudi Arabia is gaining pace to attain the targeted 50 percent of the energy mix, the head of the Gulf Kingdom’s sovereign wealth fund has said.

Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), told an international investment conference in Riyadh on Tuesday that the world’s dominant oil exporter is moving ahead with projects to boost the share of solar energy and other renewable to half the energy mix in Saudi Arabia by 2030.

“Work in this regard is proceeding at an increasing pace and is based on clear and thoughtful plans, supported by a political will,” Rumayyan said.

“There is a need to continue investing in renewable energy to ensure a more sustainable future,” he told the Future Investment Initiative (FII) conference in Riyadh.

PIF, one of the world’s largest SWFs, is a main financer of solar power projects in Saudi Arabia, including the $2.2 billion Al-Shuaibah solar power plant, which at 2.6 gigawatts (GW), is the Kingdom’s largest renewable energy project.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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