King Abdullah City for Atomic and Renewable Energy (K.A.CARE) intends to introduce 3450 Megawatts of electricity in the Kingdom through the use of wind power stations, solar power stations, solar PV and waste to energy, the equivalent of 4% of national energy mix within the framework of the King's initiative for renewable energy approved in the national transformation program 2020 which will result in the generation of 7000 jobs for the men and women of Saudi Arabia and provision of 18 million barrel of fuel equivalent.
The King's initiative for renewable energy consists of two parts: introducing 2300 megawatt of renewable energy in the national energy mix to cover all the areas of the Kingdom including replacing diesel stations and the second part: introducing 1150 megawatt of renewable energy in the national energy mix such as King Salman Bin Abdulaziz initiative for green energy in Al Madinah Al Monawarah area.
This was clarified to the Saudi Press Agency by the President of K.A.CARE Dr. Hashem Abdullah Yamani, noting that this step comes within the framework of K.A.CARE initiatives within the national transformation program 2020 provided by the Council of Economic and Development Affairs headed by HRH Mohamad Bin Salman Bin Abdulaziz Al Saud, Deputy Crown Prince and Minister of Defense to achieve diversification of the resources of electricity production and water desalination through introducing a mix of atomic and renewable energy in the Kingdom's energy system.
His Excellency said that K.A.CARE is seeking as a first stage during 2023 to with the composite capacities of renewable energy to 9500 megawatt and generating 13 thousand job with provision of 56 million barrels of fuel equivalent through the use of five types of renewable energy: wind energy, solar thermal, solar PV, waste to energy and the geothermal energy.
He mentioned that the visit of the Deputy Crown Prince to USA has a big strategic importance in introducing the Kingdom's targets in its vision 2030 of the renewable energy sector in which USA has big experience and motivating big investors in the USA and other countries of distinction in that sector to invest in the Kingdom and fulfillment of its ambitious vision which gained King Salman Bin Abdulaziz support.
H.E. confirmed that attracting leading American companies in the renewable energy sector to invest in the Kingdom will highly contribute to the transfer of American expertise and techniques to the Kingdom and adding high and qualitative return to the Kingdom's renewable energy sector. Noting that this sector is one of the promising sectors in the Kingdom which targets enlarging the benefits of competitive advantages of the Kingdom in its status as a link between the continents of the world and a destination for the Muslims in the world as it acquires sources of diversified nature and new infrastructure and motivating systems which all make an attractive environment for local and foreign investments. H.E. drew the attention to the fact that the renewable energy sector in the Kingdom provides attractive vacancies to establishing industries, services , researches and innovation in general, it in particular enhances the scope of training and qualifying national cadres to lead the growth of this sector. Various investment opportunities in these areas shall be offered aiming the local and international markets through activating the Kingdom's position as a leading logistic center for the manufacture and export of products and services.
He mentioned that Kingdom's vision 2030 has abided by finding a local market for the Renewable Energy and put for it a clear methodology that guarantees competitiveness of Renewable Energy through the gradual liberalization of fuel market, provision of needed finance through partnerships between the private and general sectors in the scope of industry and developing a regulatory and legal framework that enables the private sector to ownership and investment in the sector and to work on localization of a big percentage of the chain of renewable energy value.
For that, the K.A.CARE finished a number of detailed practical studies to enable the establishment of a market for renewable energy in the Kingdom according the highest standards of transparency and competitiveness and in harmony with the changes in the industry of electric energy and local water desalination and application of best international practices to shrink the dependence on the government's budget and to depend on the private sector (form IPP/IWWPP) in execution and signing agreements of energy purchase PPA in accordance with the highest standards of transparency and competitiveness.
K.A.CARE has drafted regulations and legislations pertinent to renewable energy sector and completed and approved the modifications on the code of the electric grid in the company to become ready for entering renewable energy stations in addition to building a network for monitoring sources of solar and wind energy and launching the Atlas of Resources of Renewable Energy and acquiring suitable lands in the different areas of the Kingdom to develop solar stations and completing most of the required technical studies.
The production of renewable energy resources will guarantee a significant decrease in the use of fuel for the production of energy and desalination of water and to guarantee its availability for a longer period to use in Hydrocarbon industries or for export and operation purpose and as raw material supporting national industry.
On considering the high density of solar energy in the Kingdom throughout the year and capability to using the geothermal energy, wind energy and energy derived from waste conversion the prosperous economic opportunities will appear in all renewable energy sectors which will decrease the negative affect on the environment.