Saudi Arabia leaders are inviting international and domestic companies to bid on solar and wind power plants with a capacity to produce 700 megawatts of power. The bids, due in April, are part of a major renewable energy supply program that is expected to involve investments of between $30 billion and $50 billion by 2023.
A Saudi government official announced during a January energy conference in Abu Dhabi that his country plans to generate about 10 gigawatts of power from renewables, primarily solar and wind power by 2023.
Saudi Arabia plans by 2030 to produce 70 percent of its power from natural gas and 30 percent from renewables and other sources. The oil-rich nation says it is looking to diversify its economy away from crude sales as the main source of government income. In addition to building wind and solar plants, Saudi Arabia is planning to develop its nuclear power industry as well. It plans to build two nuclear reactors with a combined capacity of 2.8 gigawat