Saudi Arabia plans to invest more than SR300 billion in electric power sector by the end of 2020, with the aim of increasing production capacity, development of transport networks and stations, and all associated systems, Sawary Energy Vice President Sami Akeel said in a press statement Monday.
Noting the great challenges faced by the sector in the Kingdom, with a production capacity reaching about only 54 MW last year, he said the Kingdom needs to add about 5,000 megawatts annually, and that thousand megawatts need around SR15 billion investments.
He stressed that electric diesel generators play a significant role in promoting economic development, and advancing the overall sustainable development taking place in the Kingdom over the past decades.
A progressive urban development and mega projects implemented by the government is aimed to bridge the gap between the current needs of the energy and capacity electric available to cover the growing needs the demand for electric power as a result of a progressive urban development, and megaprojects implemented by the government.
He valued the direction of the Ministry of Industry and Commerce to support the increased electrical generation capacities to meet the increasing demand.
Sawary Energy is one of the largest companies in the power industry operating in Saudi Arabia for the past 40 years through its network of branches all over the Kingdom and is certified by the Environmental Protection Agency (EPA).
Meanwhile, Booz& Company estimates that the MENA region holds 45 percent of the world’s total energy potential from all renewable sources. Algeria, reckons the consulting firm, has the greatest potential for solar power, followed by Libya, Saudi Arabia and Egypt.