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Saudi Arabia calls investors to pre-qualify for renewable projects

Staff Writer |
Saudi Arabia has invited investors to submit requests to qualify for the first round of its $30-$50 billion National Renewable Energy Programme by March 20.

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Saudi Arabia is targetting 9.5 GW of renewable energy by 2023 in line with Vision 2030, an economic reform plan launched last year to diversify the economy beyond oil.

The renewable programme involves investment of between $30 billion and $50 billion by 2023.

For the first round, the kingdom will develop a 300 megawatt solar PV plant in Sakaka, the Al Jouf Province in the north.

It will also build a 400 MW wind project in Midyan in the northwest.

The projects will be backed by 25-year power purchase agreements (PPAs) for solar PV and 20-year PPAs for wind, the energy ministry said in a statement.

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