Saudi Arabia will “within weeks” start issuing tenders for a big solar and wind power programme that envisages investment worth $30bn-$50bn by 2030, the country’s oil minister said on Monday. The oil-rich kingdom was also in the early stages of feasibility and design proposals for the country’s first commercial nuclear power stations, with capacity of 2.8 gigawatts, added Khalid al-Falih. “There will be significant investment in nuclear energy,” he said at a renewable energy event in Abu Dhabi. Mr Falih gave no further details on the programme’s timeframe and cost. The pledge marks the first solid indication of the kingdom’s commitment to developing nuclear energy, after it recently signed co-operation agreements with Russia, France and South K orea on feasibility work. Fleshing out his previously announced ambition to turn Saudi Arabia into a “solar powerhouse”, Mr Falih said that the country was targeting renewable power projects with a capacity of 10GW by 2023.
FT 16th Jan 2017 read more »