Kingdom of Saudi Arabia
Saudi Arabia is transferring within the spirit and text of the project. It says it depends on the private sector a lot as it chose it as a major partner to provide key services in terms of Energy, Education, Healthcare, education, transportation and other Sectors to achieve the goals of the National Transformation program and Vision 2030. The energy sector, particularly Renewable Energies is where most of the investments are projected to be concentrated.
Saudi Arabia’s National Renewable Energy Program (NREP) is a long-term, multifaceted renewable energy strategy designed to balance the domestic power mix in order to deliver long-term economic stability and prosperity to the Kingdom, whilst working towards carbon reduction commitments. The NREP is managed and executed by the Ministry of Energy, Industry and Mineral Resources (MEIM), directly supporting Saudi Arabia’s National Transformation Program (NTP) and Vision 2030.
Saudi Arabia’s renewable energy market is set for growth, supported by an abundant solar resource, land availability, an A-rated sovereign credit, and strong economic and strategic logic. The Kingdom’s plans are in line to achieve the VISION 2030 that was announced last year with a desire to diversify the energy mix and take advantage of the compelling economics of renewables especially solar and wind, in the country. As government finances come under pressure in the low oil price environment, the Kingdom is seeking to reduce subsidies for oil consumption and encourage clean generation technologies.
Notwithstanding the slump in the global oil prices, Private Capital Investment can be of tremendous influence in financing power sector in the Kingdom of Saudi Arabia. Public-Private partnerships would play a major role in the development of renewable Energy generation and infrastructure. With a highly ambitious plan laid out by the Ministry of Energy, Industry and Mineral Resources, the kingdom is looking for development of the Private sector. With extended support from the ministry, the project is largely aimed to realize the well-being of all the stakeholders of the energy sector from policy makers to government authorities to end users and suppliers under one roof to discuss and understand the way forward and what’s in it for each of us.