The oil-rich Gulf has become a key player in the growing renewable energy market. This will undoubtedly have a significant positive impact for the future of the region. While the Gulf is known for its abundance of oil, it is also richly endowed with renewable resources, such as wind and sun. For example, located in the center of the so-called sun belt, Saudi Arabia has great
Saudi Arabia’s Water and Electricity Holding Company (Badeel), which is a utility subsidiary of the sovereign wealth fund PIF (Public Investment Fund), along with leading utility project developer Acwa Power have signed power purchase agreements (PPAs) for three major solar PV projects in the kingdom. The solar projects are part of the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy, with PIF mandated to develop 70% of NREP’s target capacity by 2030.