Solar manufacturers face last day to submit bids for Saudi solar power project
Today marks the deadline for solar manufacturing companies to submit proposals for Saudi Arabia’s layer category B solar power project.
The bid deadline, which was originally set for May 24, has been extended to today due to the pandemic. Solar manufacturing companies, such as UAE-based Masdar and Chinese Jinko Solar, will have a final opportunity to bid on contracts for the construction of solar photovoltaic independent power projects in the cities of Al-Rass and Saad. The renewable project will be regulated by the National Reneweble Energy Programme (NREP), an initiative under the Saudi Arabian Ministry of Energy.
Due to fluctuating oil prices and market unpredictability, the Saudi government aims to diversify its oil-reliant economy under the framework of the Saudi Vision 2030 development program, which is why renewable energy projects constitute special importance. Expect Saudi Arabia to continue its investment in solar panels, especially around areas with typical desert climates. Saudi Arabia’s long-term goal is to obtain one third of its electricity demand from solar power and generate 50% of its overall energy from renewables by 2030. Therefore, it will spend around $20 billion in this decade.
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