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Source: pixabay

Saudi Arabia Plans To Invest $7 Billion In Green Energy To Cut Oil Use

By Brian Spaen

Saudi Arabia is going to add over four gigawatts worth of renewable projects in 2018. The Middle Eastern country’s goal is to export more crude oil than consume and transition their population to renewable sources. Most of the sustainable energy will be given to solar photovoltaic farms and investments are expected to reach up to $7 billion.

Turki Mohammed Al Shehri, head of Saudi Arabia’s Renewable Energy Project Development Office, announced that eight projects would be starting up this year. Around 3.3 gigawatts represent solar PV panels while another 800 megawatts would be toward wind farms. In all, 4.13 gigawatts of capacity are going to be tendered.

The government will be looking for bidders to cover the financing needed to create these projects. After they’re completed, they’ll be buying power generated from these sources over the next 25 years. Companies that build these projects will retain ownership for 20 years on solar farms and 25 years on wind sources.