Saudi Arabia allocates land plots for 600 megawatt solar plants

Saudi Arabia allocates land plots for 600 megawatt solar plants
The Ministry of Energy is working to diversify the energy mix to produce electricity. (Shutterstock)
Short Url
Updated 19 August 2021

Saudi Arabia allocates land plots for 600 megawatt solar plants

Saudi Arabia allocates land plots for 600 megawatt solar plants
  • The plants will have a capacity of 600 megawatts and will be implemented in the Third Industrial City in Jeddah and the Industrial City in Rabigh

RIYADH: The Saudi Ministry of Energy is building two renewable energy plants on two land plots with a total area of 12 million square meters, as part of the Kingdom’s plan to generate 50 percent of its energy from renewables, the Saudi Press Agency has reported.

The plants will have a capacity of 600 megawatts and will be implemented in the Third Industrial City in Jeddah and the Industrial City in Rabigh, through the Saudi Authority for Industrial Cities and Technology Zones MODON.

The Ministry of Energy is working to diversify the energy mix to produce electricity, by increasing the share of gas and renewable energy sources in it, and is displacing liquid fuel and replacing it with natural gas.

The National Renewable Energy Program constitutes one of the main enablers to achieve the optimal energy mix and strategic objectives for the electricity sector, by creating a competitive environment that attracts private sector investments, encouraging partnerships between the public and private sectors, the ministry explained.

It also consists of promoting new industry establishment for these energy technologies, and renewable energy projects, the ministry said.

This week, another Saudi renewable energy project saw a major development after a consortium led by developer ACWA Power has reached financial closure for the 1,500-megawatt Sudair solar plant, which is pegged to be the world’s largest single-contracted solar photovoltaic plant.

It will be located in Sudair Industrial City in Saudi Arabia’s north. The developer also announced that Aramco-owned SAPCO has joined the consortium, marking the oil giant’s first participation in the Saudi Public Investment Fund’s renewable energy program.


Dollars and gold over bitcoin, leading investors tell the Future Investment Initiative Forum

Dollars and gold over bitcoin, leading investors tell the Future Investment Initiative Forum
Updated 16 sec ago

Dollars and gold over bitcoin, leading investors tell the Future Investment Initiative Forum

Dollars and gold over bitcoin, leading investors tell the Future Investment Initiative Forum

Leading investors still see gold and dollars as a safer haven for investments over bitcoin, according to prominent business people speaking at the Future Investment Initiative Forum in Riyadh.

Both Larry Fink, head of asset management company BlackRock, and David Solomon, chairman of the Goldman Sachs Group, both said they preferred investments in dollars over bitcoin when asked.

Ray Dalio, founder and co-chairman of Bridgewater Associates, opted for gold over bitcoin.

Khaldoon Khalifa Al Mubarak, CEO of the UAE’s Mubadala Investment Company, replied that he would take bitcoin “hedged in gold”.


Spain plans to ask to exit EU common electricity price policy

Spain plans to ask to exit EU common electricity price policy
Getty Images
Updated 10 min 28 sec ago

Spain plans to ask to exit EU common electricity price policy

Spain plans to ask to exit EU common electricity price policy
  • Facing spiralling electricity prices, partly triggered by more expensive natural gas

The Spanish government plans to ask the European Union for permission to exit the common electricity price policy and establish its own pricing mechanism, El Pais newspaper reported on Tuesday, citing an internal government document.


The document has been shared in Spain, hours before EU energy ministers are due to meet in Luxembourg to discuss electricity prices, the newspaper said.


Facing spiralling electricity prices, partly triggered by more expensive natural gas, the Spanish government has passed tax breaks, a claw-back of electricity utilities' profits and pushed for EU-wide measures such as joint natural gas purchases.

Earlier, Spain's Secretary of State for Energy said the EU electricity market must be reformed and EU countries should have the option to buy gas collectively, among other measures to tackle record-high power prices.

EU commissioner Thierry Breton said on a French radio station on Tuesday that he was not sure joint purchases as suggested by Spain would be effective, and was echoed by Luxembourg's energy minister Claude Turmes who said the proposal for EU countries to jointly buy gas would not offer a solution to the recent spike in energy prices.

Separately, French Finance Minister Bruno Le Maire told a Paris conference on Tuesday that the European energy market needs reforming, as European countries battle with rising energy prices.


Divisions have deepened among European Union countries ahead of an emergency meeting of ministers on Tuesday on their response to a spike in energy prices, with some countries seeking a regulatory overhaul and others firmly opposed.


Countries are struggling to agree, however, on a longer term plan to cushion against fossil-fuel price swings, which Spain, France, the Czech Republic and Greece say warrant a bigger shake-up of the way EU energy markets work.

 

Related


Response to Covid-19 shows global cooperation is possible to fight climate change: Mubadala CEO

Response to Covid-19 shows global cooperation is possible to fight climate change: Mubadala CEO
Updated 36 min 57 sec ago

Response to Covid-19 shows global cooperation is possible to fight climate change: Mubadala CEO

Response to Covid-19 shows global cooperation is possible to fight climate change: Mubadala CEO

The global response to COVID-19 is a blueprint for how to tackle climate change, according to the head of UAE’s investment fund.

Khaldoon Khalifa Al Mubarak, CEO and managing director of the Mubadala Investment Company, believes the way the private and public sectors worked together to combat the pandemic shows cooperation on global issues is possible.

Speaking at the Future Investment Initiative Forum in Riyadh, he said: “We had a pandemic that started in January 2020 and within 12 months through PPP (public private partnerships) a global solution went to actual production. 

“That is a blueprint to show availability to deliver.”

Referring to his own company’s actions, Mubarak said Mubadala has invested more than $2 billion over the last 16 years in renewable energy across 13 countries.


'Where's the long-term plans?' BlackRock chief calls out governments over climate change

'Where's the long-term plans?' BlackRock chief calls out governments over climate change
Updated 57 min 37 sec ago

'Where's the long-term plans?' BlackRock chief calls out governments over climate change

'Where's the long-term plans?' BlackRock chief calls out governments over climate change

The head of one of the world’s largest asset management companies has called out governments across the globe for not having long-term plans to tackle climate change.

Speaking at the Future Investment Initiative Forum in Riyadh, Larry Fink, Chairman and CEO of US-based firm BlackRock, called on world leaders to show more foresight when it comes to solving issues facing humanity.

"Capital is abundant and needs to be put in work,” he said, adding: "We have to re-imagine how to bring finance forward to effectuate the change of climate change risks.

“We do not have that platform in the world. We don't have long-term planning by most governments to effectuate these long-term problems."


$11bn invested in sustainability projects since 2019, says Blackstone Group CEO

$11bn invested in sustainability projects since 2019, says Blackstone Group CEO
Updated 26 October 2021

$11bn invested in sustainability projects since 2019, says Blackstone Group CEO

$11bn invested in sustainability projects since 2019, says Blackstone Group CEO

RIYADH: Some $11 billion has been ploughed into sustainability-linked projects over the past two years, according to the head of one of the world’s largest alternative investment companies.

Stephen A. Schwarzman, chairman, CEO and co-founder of The Blackstone Group, was speaking at the Future Investment Initiative Forum in Riyadh.