The global transition to cleaner fuels is the underlying driver of Saudi Arabia’s Vision 2030 campaign to diversify its economy away from oil. No wonder then that massive clean energy investments are a major component of the country’s development targets.
Fizzled attempts earlier in the decade, and a huge solar deal announced last year by the Saudi Public Investment Fund (PIF), exemplify the gap between lofty ambitions and the country’s capacity to deliver. The energy ministry has been helping to close that gap, demonstrating a willingness to finally engage in market reforms and the ability to organize successful international auctions.
Conditions are improving for investing in Saudi renewable energy, and 3.1 gigawatts of projects are to be tendered in 2019. Yet now with beefed-up targets to 2030, ever more deployment is to be overseen directly by the PIF through private deals, testing the institution’s aims and capacity.
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