Saudi Arabia?s ambitious plans for a renewable-focused future will accelerate private sector investment and create local manufacturing jobs, according to Turki Al Shehri, CEO of Engie Saudi Arabia
Ahead of his participation in the agenda-setting Middle East Energy Renewables Conference, running from 3-4 March at the Dubai World Trade Centre (DWTC), Al Shehri said that the kingdom?s renewables drive will boost its economic diversification programme and see public and private sector investment rise to more than US$30bn by 2025.
?The diversification of the energy mix goes beyond multiple clean energy sources but provides the opportunity to create jobs through manufacturing,? explained Al Shehri. ?In parallel to the renewable tenders being issued, efforts are underway to localise renewable manufacturing in the Kingdom.?
Saudi Arabia pursuing energy mix strategy by 2030
Saudi Arabia focuses on comprising 30 per cent renewables and 70 per cent gas by 2030. ?The objective will be to retire liquid burning plants and switch newer plants to burn gas instead of liquids,? noted Al Shehri. ?Renewables will comprise 16GW wind, 40GW solar and 2.7GW concentrated solar power.?
Al Shehri will use his participation at the free-to-attend renewables conference to outline how future-focused energy companies can maximise Saudi Arabia?s green investment potential. The conference is part of a powerful knowledge-sharing programme running alongside Middle East Energy ? the global energy event formerly known as Middle East Electricity (MEE).
ENGIE CEO is bullish about opportunities for the private sector emerging from Saudi Arabia?s multi-billion-dollar renewables drive. According to him, ?The trend today is mainly related to utility-scale renewables that are being applied in both the public and private sector.?
?Several local companies are rising to become developers, EPC contractors, OEMs and equipment suppliers. As the cost of renewables continues to reduce, we can expect to see more involvement from the private sector, as well as an increase in renewable targets beyond the announced targets.?
Renewables to see US$30bn-US$40bn investment in next four to five years
?The drive for PPP programmes in the public has created similar PPP opportunities in the private sector. Corporate power purchase agreements are slowly becoming the norm for many private companies seeking renewable solutions. In the next four to five years we foresee 30 to 40 billion USD invested in renewable energy between the public and private sector.?
Claudia Konieczna, exhibition director, MEE, said, ?Energy deployment is set to see a significant acceleration in the coming years as the MENA region prepares for the influx of US$35bn in renewable energy investments per year. Driven by well-designed auctions, favourable financing conditions and declining technology costs, renewables are being brought into the mainstream.?
MEE set to provide transformative dynamics of renewable energies
Supported by InterSolar, Middle East Energy?s Renewables Conference will provide insights into the global transformative dynamics of renewable energies and emphasise how technology can produce synergies and create an integrated energy system.
The Renewables Conference is part of an expanded Middle East Energy knowledge programme which, for the first time, includes a high-level plenary session summit providing specific market information. A third conference, devoted to digitalisation comprises more than 30 conference sessions, more than 150 speakers and represents 25 hours of learning opportunities.
More than 1,200 companies are due to take part in Middle East Energy, focusing on digitalisation, power generation, transmission and distribution, energy consumption and management and renewables.
