Saudi Arabia will launch a renewable energy programme in the coming weeks expected to involve investment of between $30billion and $50billion by 2023.
Energy Minister Khalid al-Falih made the announcement earlier today when he was speaking at an energy industry event in Abu Dhabi/
He said the country would give the first round of bidding within weeks for projects under the programme.
The move comes as Saudi Arabia looks to diversify its energy mix so that it can export more of its oil, rather than burning it at power and water desalination plats.
However, progress has been slow.
Power demand in the desert kingdom is growing 8% annually.
Saudi Arabia is also looking at ways to connect its renewable energy projects with Yemen, Jordan and Egypt.
The Minister said: “We will connect to Africa to exchange non-fossil sources of energy.”
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