Investment in solar energy in the Kingdom over the next five years is expected to total approximately 10 billion riyals, according to Mr. Amer Abdulaziz Al-Rajiba, Director of Business Development for the Middle East at the French nuclear energy company Areva, who pointed out some legislative obstacles facing the sector, such as the difficulty in agreeing on implementation plans and launching an expanded program for this promising sector.
Al-Rajiba explained that the Kingdom’s plan to harness solar energy is in the process of finalizing legislation to regulate its use and drive investment in solar energy, foremost among which is providing adequate government support for solar energy programs, emphasizing that the Kingdom enjoys an abundance of sunny areas most days of the year and that sunlight provides each square meter with a substantial amount of energy for at least 10 hours daily, noting that the Kingdom’s east-to-west expanse is exposed to the sun for a longer period of time and can therefore produce more energy, as the average solar radiation in the Kingdom is 2,200 kilowatt-hours per square meter per year.
He added that the Kingdom intends to increase its reliance on solar energy to achieve an installed capacity of 9.5 gigawatts by 2022, making it a key component in meeting the Kingdom’s electricity needs. It is worth noting that the Kingdom is seeking to make significant investments in the renewable energy sector by 2020, and energy demand in the Kingdom is expected to grow by 45% by 2040, according to official estimates.
