Saudi Aramco contemplates US$5 billion of renewable energy deals

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Saudi Aramco headquarters. Source: Saudi Aramco

As oil prices plummet, Saudi Arabia’s state oil and gas company mulls over a transition into a clean energy future.

HSBC, JP Morgan and Credit Suisse are among the financiers who have been invited to pitch a role helping Aramco identify potential acquisition targets and advise on deals in order to help the oil-rich Kingdom embark on a low-carbon economy.

A source from Bloomberg New Energy Finance (BNEF) said that the oil company is planning on bringing in foreign expertise in clean energy into the Kingdom, adding that first investments under this new plan could occur as early as this year.

Currently Saudi has in place a renewable energy target that includes 10GW from wind, solar and nuclear energy by 2023. By 2030 the government aims to secure 30% of power from low-carbon sources.

The Kingdom also plans to develop a renewable energy research and manufacturing industry as part of an economic transformation plan announced by deputy crown prince Mohammed bin Salman in April. Saudi also reiterated its commitment to working towards mitigating the effects of climate change at the recent 22nd UN Climate Change Conference in November last year.

So far, Saudi only has one operational solar project – the 10MW rooftop array atop Aramco headquarters. However, Saudi Electric Company, the state utility, recently announced plans to tender 100MW of PV.

Read Next

June 11, 2021
Construction of a 10MW solar farm as part of the UK’s first hybrid solar PV, energy storage and wind site has officially begun.
June 3, 2021
Danish renewables developer Ørsted has said it plans to invest DKK 350 billion (US$57 billion) by 2027 to reach 50GW of installed clean energy capacity by the end of the decade.
May 19, 2021
Japanese power company J-Power has acquired a 10% stake in renewables and pumped hydro developer Genex Power through its Australian subsidiary JPGA Partners.
April 23, 2021
Despite dozens of net-zero targets being announced and deployment of renewable energy ramping up globally over the past year, just 10% of countries have shown “steady and consistent” progress in their energy transition plans, according to a new report from the World Economic Forum (WEF).
April 20, 2021
India presents an “enormous potential” for the development of solar and wind hybrid power systems, with more than 12.3GW of collocated tenders issued in the country to date.
April 12, 2021
A consortium between Abu Dhabi-based Masdar, EDF Renewables and Nesma Holding Company has broken ground on a 300MW PV project in Saudi Arabia.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021