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FINANCIAL NEWS
Masdar considering Saudi green energy investments
12 Sep 2012
(MENAFN) Abu Dhabi-based renewable energy firm Masdar is considering investing in Saudi Arabia, Saudi Gazette reported, citing Masdar’s CEO Sultan Al Jaber.
Masdar has many significant renewable energy investments in countries where political and public support for clean energy brings with it big incentives, especially in Europe.
In the UAE, however, it has only around 10MW of solar capacity up and running. The firm is currently setting up a 100MW concentrated solar plant and another 150 MW planned nearby.
Saudi Arabia is planning USD109 billion investments to create a solar industry that generates a third of the nation’s electricity by 2032, said officials at King Abdullah City for Atomic and Renewable Energy (Ka-care).
The Kingdom targets 41,000MW of solar output capacity by 2030, said Maher Al-Odan, a consultant at the organisation.
Khalid Al-Suliman, vice president at Ka-care said recently that nuclear, wind and geothermal would contribute 21,000MW.
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