A Saudi Arabian renewables initiative is expecting to secure an investment worth $109 billion (£69.6billion) to develop the nation’s solar industry.
The Kingdom Abdullah City for Atomic and Renewable Energy (Ka-care) project was launched to help meet the Arab state’s growing energy needs and reduce its dependence on fossil fuels.
The initiative is expected to provide a third of the state’s electricity demand within the next twenty years.
Reports claim Saudi Arabia’s Government has aimed to install 41,000MW of solar capacity by 2032.
Maher al-Odan, a consultant at Ka-care said: “We are not only looking for building solar plants. We want to run a sustainable solar energy sector that will become a driver for the domestic energy for years to come.”
The Government also has a target to install 21,000MW of nuclear, wind and geothermal sources within the next two decades. It has also planned to cut oil consumption and expects the initiative will help save an average of 523,000 barrels a day within the next 20 years.