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ENERGY

Saudi Arabia to become region’s largest wind power market by 2020

Kingdom of Saudi Arabia, Vision 2030, renewable energy, wind energy, Wood Mackenzie, Renewable Energy Project Development Office, The Middle East Wind Power Outlook 2019-2028

Sohaib Malik, senior analyst at Wood Mackenzie said the target for wind power capacity is 16 GW and solar PV is 40 GW by 2030

Global energy research and consultancy group Wood Mackenzie in its report The Middle East Wind Power Outlook 2019-2028 said the Kingdom of Saudi Arabia is poised to become the largest wind power market in the Middle East by early next year.

“In January, the Saudi government revised its renewable energy upward resulting in enhanced visibility through 2030. It earmarked 70% of the targeted renewable capacity for the Public Investment Fund (PIF), the Saudi sovereign wealth fund, while the remaining capacity is to be awarded through Renewable Energy Project Development Office,” according to Sohaib Malik, senior analyst at Wood Mackenzie Power & Renewables.

This year, the Renewable Energy Project Development Office will award 850 MW of wind capacity, boosting the Kingdom’s local content requirements. Despite the Kingdom’s growing prominence in renewable energy, it might not be able to meet the 2030 renewable target, the report suggests.

“The integration of renewables in Vision 2030’s objectives underlines strong political commitment within Saudi Arabia,” Malik said. “The level of Saudi ambition for wind and solar PV varies significantly, despite the cost parity between both technologies during the first round of tenders in 2018.”

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