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FINANCIAL NEWS
Saudi plans to attract USD109b in solar investments
13 May 2012
(MENAFN) King Abdullah City for Atomic and Renewable Energy’s (Ka-care) vice president, Khalid al-Suliman, announced that Saudi plans to attract investments of around USD109 billion to expand the Kingdom’s solar industry, reported Arabian Business.
Al-Suliman said that by 2032, solar industry is expected to generate a third of Saudi electricity, or what equals 41,000 megawatts.
He added that the Kingdom plans to increase the use of renewable energy in an attempt to reduce the use of oil in domestic desalinization and power plants, a move that will be expected to save 523,000 barrels of oil equivalent per day by 2032.
It is worth noting that the Saudi government plans to generate 25,000 megawatts from solar thermal plants that use mirrors to focus the sun’s rays on heating fluids, which moves a power turbine.
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