Saudi Arabia needs to invest hundreds of billions of dollars for power by 2030
Saudi Arabia will need to attract investment in the hundreds of billions of dollars this decade to expand renewable energy and natural gas-fired electricity to meet its generation capacity targets, according to the head of Riyadh-based ACWA Power Co.
The project will require building 60 to 80 gigawatts of power plants using renewable sources like wind and solar and about 30 GW of gas-fired plants, ACWA Power Chief Executive Officer Marco Arcelli said in an interview in the Saudi capital. ACWA Power is mandated to take part in developing 70% of Saudi Arabia’s renewable energy needs.
