Saudi Arabia to Lead Global Energy Transition with $8.3B in Renewable Projects
Saudi Arabia is set to become a pivotal player in the global energy market, leveraging its strategic location to connect the East and West through sustainable energy infrastructure. The country has signed agreements with major technical and technological companies to develop advanced electric transmission corridors, aiming to stabilize power supply and enhance efficiency at regional, national, and international levels.
Saudi Arabia's ambitious plans include seven strategic projects, such as Bisha, Humaij, and Afif 1 and 2, which are expected to commence operations between late 2027 and mid-2028. These projects are a joint venture between ACWA Power, Badeel, and SAPCO. The energy sector's shift towards renewables began several years ago, with many countries investing in clean energies. Saudi Arabia has taken a significant leap in its strategy to lead the sustainable energy world, forging key alliances with European companies like Zhero Europe and Edison SpA to develop large-scale energy export projects and green hydrogen initiatives. These collaborations aim to understand European market demands and establish sustainable energy supply chains across continents.
The seven new projects, with an initial investment of around $8.3 billion, are set to generate 15,000 megawatts of clean energy, comprising 12,000 MW of solar energy and 3,000 MW of wind energy. Saudi Arabia's wind and solar energy sector is expanding to 21 projects totaling 34 gigawatts, with a goal to install around 130 gigawatts of clean energy within five years, solidifying its position as a global leader in renewable energies.
Saudi Arabia's commitment to sustainability is evident in its strategic partnerships and ambitious projects. With an initial investment of $8.3 billion, these seven projects aim to generate 15,000 MW of clean energy, contributing to the country's goal of installing around 130 gigawatts of clean energy within five years. By positioning itself as a nexus between the East and West, Saudi Arabia is poised to play a significant role in the global energy market's transition towards sustainability.
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