NEWS

Saudi Arabia will tender eight renewable energy projects totaling 4.125 GW of capacity in 2018 with solar plants leading the way. The cost will be $5 billion to $7 billion, said Turki Mohammed Al Shehri, head of the kingdom’s Renewable Energy Project Development Office in an interview with »Bloomberg«. The Saudi projects this year will include 3.3 GW of solar photovoltaic power and 800 MW of wind, Al Shehri said. Winning bidders will cover financing costs while the government guarantees to buy power produced from the projects over 25 years. The kingdom wants to have 9.5 GW of solar and wind capacity installed by 2023.