The Kingdom Renewable Energy Summit is scheduled to take place on 18 & 19 October 2017 in Riyadh, KSA. The event is organized and hosted by TraiCon and the Network is among the Supporting Partners. This two day summit has been developed to provide all the participating organizations with an exclusive insight into the Kingdom’s Renewable Energy Market and is an excellent opportunity to meet, network, exchange ideas and come up with real-time solutions to some of the region’s most pressing issues.
The organisers request all the Regional Experts, Government Authorities, Key Stake Holders involved in the upcoming Renewable Energy Projects and Renewable Energy Solution Providers to actively participate in this summit that focuses on “Moving the Kingdom of Saudi Arabia away from the Dependency of Oil & towards a Sustainable & More Diverse Economy”.
The Kingdom of Saudi Arabia’s National Renewable Energy Program plays a very vital role in the country’s vision to generate clean energy and has indeed captured the attention of the global solar industry since the beginning of 2017. With 9.5 gigawatts (GW) of renewable energy capacity to be achieved by 2023, the next six years will witness major transformation across the kingdom’s power sector. The Renewable Energy Project Development Office (REPDO) recently shortlisted 27 companies for its Solar Projects and 24 companies for its Wind Projects out of more than 120 companies that submitted statements of qualification for Round 1 comprising of 300 MW solar power projects and 400 MW wind power projects, for which tenders are planned to be awarded in September of 2017.
Saudi Arabia presents a sizable market where up to $50 billion will be invested on renewable energy development projects by 2023. The government has also increased its budget expenditure for 2017 by eight percent, taking it up to $237 billion. Hydrocarbons would remain a prime element in the energy mix in 2023, by an estimation of 60 GW. This will also be supported by nuclear energy with a generation capacity of 17.6 GW, solar at 41 GW, of which 16 GW will be generated through the use of photovoltaic cells and the balance of 25GW by concentrated solar power, wind at 9GW, waste-to-energy at 3GW and geothermal at 1GW.