Saudi Arabia targets 58.7GW of renewable energy capacity by 2030. This is to be developed under a two track system, with the Ministry of Energy overseeing a tendering process which will account for 30% of the total, while PIF will award 70% through direct negotiations. But while the ministry has now tendered for 6.6GW of projects, PIF has awarded just one project – the 1.5GW Sudair plant in 2021 (MEES, 16 April 2021). Mohamed Albalaihed, the head of PIF’s energy and utilities section told MEES on the sidelines of the FII conference in Riyadh on 25 October that the firm is working on finalizing the detail for multiple new renewables project and that it plans to announce new Sudair-size projects every year. While the next planned announcements might not be made until early 2023, Mr Albalaihed says to prepare for multiple projects to be announced.
PIF will partner with Saudi developer Acwa Power on its renewables plants. Acwa CEO Paddy Padmanathan tells MEES that the firm is currently finalizing financing for 4GW of projects. (CONTINUED - 166 WORDS)