Riyadh-Mubasher: Saudi Arabia will inject more than $100 billion into renewable energy projects, to meet the growing demand for energy and diversify the sources of this sector.
Demand for energy in Saudi Arabia is expected to rise by 45% to 100 gigawatts in 2040 from 69 gigawatts in 2014, which is equal to the combined energy demand in the GCC region, according to a recent report by Frost & Sullivan.
The kingdom plans to spend $109 billion on generating 54 gigawatts from renewable energy by 2040, the consultancy firm stated, adding that the Saudi projects will dominate 70% of the total value of GCC renewable energy projects.
