Saudi Arabia (KSA) announces the offering of three bids to generate electricity from solar energy in the years of 2018, 2019 and 2020, Al-Madina reports.
The move comes as part of the kingdom’s efforts to decrease reliance on nonrenewable energy and utilize its renewable sources.
The biddings include the establishment of three solar power plants that will generate 300, 900 and 750 megawatts in 2018, 2019 and 2020, respectively, according to a recent report published by Al-Madina under the title of “Energy Deals and Trends: A Look at 2016 and 2017 Forecasts”.
Green activities, the report reveals, continue to dominate transactions in the Middle East’s energy and utilities sector, with investments totalling USD 8.7 bn over the past year.
Saudi Arabia, meanwhile, is planning to reduce water and electricity subsidies by USD 53 bn in 2020, the report says. It adds that there are also plans to privatize the state-run Saudi Electricity Company.