Arab News reported that the renewable energy projects in Saudi Arabia will save some 690,000 barrels of oil per day if completed.
According to energy sources, King Abdullah City for Atomic and Renewable Energy is set to invite bids to develop 2,850 MW of renewable energy projects in the Kingdom.
The Phase I of renewable energy projects will include development of 1,100 MW as photovoltaic solar, 900 MW as concentrated solar power, 650 MW as wind projects and 200 MW from other sources.
The Phase II will be carried out in 2013 to 2014 where KACARE is targeting roughly 1,300 MW of photovoltaic solar power capacity, 1,200 MW of concentrated solar power, 1,050 MW of wind power and 250 MW in other renewable energy projects.
Saudi oil sources said that upon completion, the renewable energy projects will save some 690,000 barrels a day and will hopefully prolong life expectancy of oil reserves in the Kingdom which comes in line with the directives of Custodian of the Two Holy Mosques King Abdullah to focus on other alternative energy sources and diversification of the Kingdom's income.
Meanwhile, KACARE is intensifying efforts to implement its strategy aimed at raising share of other renewable energy sources by 50% for the Kingdom's overall energy needs by 2032 at the cost of SAR 375 billion.
