While traditionally regarded solely as the world’s premier producer of oil, Saudi Arabia has recently started to look at alternative sources for its energy consumption, and, maybe not surprisingly, renewable energy ranks high on the list: the country has very high levels of solar irradiance and huge areas of desert, which make it an ideal location for solar projects, along with other renewable energy projects. The Saudi plans are very ambitious (as will be shown below) and many investors believe this is a good opportunity to get involved in this market.
The Future for Renewable Energy in Saudi Arabia – The K.A.CARE Plan
Currently, the Kingdom only boasts 3 MW of solar power, less than Egypt, Morocco, Tunisia, Algeria and the United Arab Emirates, and despite the fact that the irradiance in Saudi Arabia exceeds that of even the best European solar markets.
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