The world’s biggest crude oil exporter, Saudi Arabia, is hoping to transform its economy by creating a strong renewable energy resource industry. The country is pledging $50 billion in 30 solar and wind energy projects over the next 10 years.
Saudi Arabia’s Energy Minister Khalid Al-Falih said Monday that the country hopes to produce at least 10% of its energy from renewable resources by 2023.
According to Bloomberg, the country will hold multiple rounds of bidding for projects. The first round of bids, open now, will be to build 700 megawatts of solar capacity, which will be followed up with a second round of bids for 400 megawatts of wind capacity and another 620 megawatts of solar. Bloomberg reported that Saudi Arabian Oil Co. has already expressed interest in taking part in the second round of bidding.
The government has also announced plans to privatize the power industry in their overhaul of the economy. Eventually, the government hopes to sell electricity to other countries, Al-Falih said in Bloomberg.