Riyadh – Mubasher: Saudi Arabia-based, the public investment fund (PIF) announced establishing the National Energy Efficiency Services Co. with a capital of SAR 1.9 billion.
The company will finance and manage the rehabilitating of the country's buildings and facilities that represent about 70% of total projects in this field.
The new company, the Ministry of Energy Industry and Minerals, Ministry of Finance (MoF), and the Saudi Energy Efficiency Center will provide investments to the business sector through collaboration between the Kingdom’s public and private sectors, the Saudi Press Agency (SPA) said.
The Saudi energy efficiency sector can save about SAR 42 billion, or near SAR 3 billion on annual basis.
The international energy efficiency sector is estimated about SAR 130 billion, of which China, Europe, and the US make up 90% of this sector globally.
These projects will contribute into reducing governmental expenses on electricity consumption.
