The Custodian of the Two Holy Mosques Initiative for Renewable Energy
The Custodian of the Two Holy Mosques Initiative for Renewable Energy is a Saudi initiative that adopts the concept of renewable energy and its innovative solutions as alternatives to traditional energy production methods at a competitive cost and high efficiency. It was launched by the Ministry of Energy on April 17, 2017.
The initiative aims to expand the economy and position of the Kingdom of Saudi Arabia in the global renewable energy field by conducting studies, implementing preliminary works, issuing licenses, releasing project tenders, and selecting developers.
Objectives of the Custodian of the Two Holy Mosques Initiative for Renewable Energy
The Custodian of the Two Holy Mosques Initiative for Renewable Energy targets industrial companies, investors, and developers in both the government and private sectors. It aims to achieve fundamental pillars that support the renewable energy initiative, including: leveraging and implementing appropriate advanced technologies, developing and localizing renewable energy fields and related sectors, adhering to the principle of transparency in tendering projects, and providing a clear plan for the sector.
The initiative also aims to position the Kingdom as a global leader in renewable energy by achieving an optimal percentage of alternative energy sources for electricity production, attracting investments, and enhancing competitiveness through the increased involvement of both local and international companies in the field.
Projects of the Custodian of the Two Holy Mosques Initiative for Renewable Energy
The projects of the Custodian of the Two Holy Mosques Initiative for Renewable Energy focused on the fields of solar energy and wind energy, aiming to reduce greenhouse gas emissions to seven million t and provide electricity to over six hundred thousand housing units. Among these, al-Sudayr PV IPP project stands out with a total capacity of up to 1,500 MW. Situated in Riyadh Province, it was developed by the Public Investment Fund.
The Shuaibah Solar PV Plant project, located in the south of Jeddah Governorate, has achieved the lowest cost for purchasing electricity generated from solar energy, with a capacity reaching six hundred MW. The capacity of Rabigh PV IPP, Sakaka PV IPP, and Jeddah PV IPP has reached three hundred MW per project.
Al-Qurayyat PV IPP project has a capacity of two hundred MW. Additionally, al-Madinah PV IPP and Rafha PV IPP projects aim to attract companies interested in developing the renewable energy sector. The estimated production of the two plants is fifty MW and twenty MW, respectively.
The Dawmat al-Jandal Wind Farm project has been allocated to produce wind energy, and the plant operates with a capacity of four hundred MW. Additionally, the plant has achieved the lowest global cost for purchasing electricity generated from wind energy during the financial closure stage.
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