The renewable energy projects in Saudi Arabia will save some 690,000 barrels of oil per day (bpd) if completed, according to energy sources. King Abdullah City for Atomic and Renewable Energy (KACARE) is set to invite bids to develop 2,850 MW of renewable energy projects in the Kingdom, according to local media.
The first phase 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 second phase will be carried out in 2013-2014 where KACARE is targeting roughly 1,300MW of photovoltaic solar power capacity, 1,200MW of concentrated solar power, 1,050MW of wind power and 250MW in other renewable energy projects.
Upon completion, the renewable energy projects will save some 690,000 barrels a day (bpd) 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, Saudi oil sources said.
Meanwhile, KACARE is intensifying efforts to implement its strategy aimed at raising share of other renewable energy sources by 50 percent for the Kingdom's overall energy needs by 2032 at the cost of SR 375 billion, the sources said.