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Saudi Arabia invests $50bn in construction of solar and wind power plants

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Saudi Arabia invests $50bn in construction of solar and wind power plants

Saudi Arabia plans to allocate up to $50 billion to the implementation of projects in the field of renewable energy, Bloomberg reports.

The country’s authorities have invited local and international investors to participate in a tender, the winners of which will be able to take part in the construction of solar and wind power plants. According to the available data, the plants’ total capacity could reach 700 MW.

In April 2016, Saudi Arabia's king, Salman bin Abdulaziz al Saud, endorsed the program of the country’s development in the period until the year 2030. Vision 2030 program is expected to help to prepare the country for life without super profits from oil.

This program provides, among other things, for producing 10 GW of energy from renewable sources as early as by 2023, as well as the transformation of Saudi Aramco into a diversified energy company.

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