The Ministry of Energy of Saudi Arabia plans to launch in coming weeks a renewable energy programme to involve between US$30bn and US$50bn of investments by 2023. The first round of bidding for projects under this programme should include 10 GW of power capacity. Many of the infrastructure projects will be carried out through public-private partnerships, with Saudi and foreign investors, to share the cost and risk in a context of low oil prices straining public finances.
Saudi Arabia aims to diversify its energy mix, to generate much of its additional future energy consumption from non-fossil fuels and to keep its oil resources for exports to boost foreign exchange reserves. A nuclear programme for two commercial reactors totalling 2.8 GW is in the early phase of feasibility and design studies. Where renewable energies are concerned, Saudi Arabia plans to connect its renewable projects with neighbouring Jordan, Egypt and Yemen.
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