Saudi Arabia Investing 50 Billion In Move Towards Renewable Energy

Bloomberg.com
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Saudi Arabia is kicking off its $50 billion renewable-energy push as the world’s top crude exporter turns to solar and wind power to temper domestic oil use in meeting growing energy demand.

Bidders seeking to qualify to build 700 megawatts of wind and solar power plants should submit documents by March 20, and those selected will be announced by April 10, Saudi Arabia’s energy ministry said Monday in an e-mailed statement. Qualified bidders will be able to present their offers for the projects starting on April 17 through July.

Middle Eastern countries like Saudi Arabia, the United Arab Emirates, Jordan and Morocco are developing renewable energy to either curb their fuel imports or conserve more valuable oil that could otherwise be exported. Saudi Arabia plans to develop almost 10 gigawatts of renewable energy by 2023, requiring investment of $30 billion to $50 billion, Al-Falih said last month in Abu Dhabi.

Building more solar, wind and nuclear power plants is part of a broader plan that the kingdom announced in April to diversify away from crude sales as the main source of government income.

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About Chuck Berry

Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!
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