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27-07-14
Saudi to invest USD109b in renewable energy
(MENAFN) Saudi Arabia plans to invest as much as USD109 billion in developing renewable energy sector by 2032, according to Arab News.
The new investment is planned to cover 20-23 percent of the Kingdom"s needs of renewable energy, while Saudi Aramco will lead the country"s solar energy development.
The ambitious plan is fast progressing as Saudi Aramco is already setting up a 300 MW plant, the sources said.
Saudi investments funds will also use their substantial liquidity to partner with international renewable energy providers to cater for this rapidly growing sector.
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