Saudi Arabia plans to invest hundreds of billions in energy by 2030

Saudi Arabia will need to invest hundreds of billions of dollars during this decade in renewable energies and power plants powered by natural gas to achieve the set production targets, according to the head of the Riyadh-based company “ACWA Power”.

The CEO of the company, Marco Arcelli, said in an interview in the Saudi capital that the goal will require the construction of power plants with a capacity of 60 GW to 80 GW using renewable sources such as wind and solar and about 30 GW of gas-fired plants.

“ACWA Power” has been assigned to participate in the development of 70% of Saudi Arabia’s renewable energy needs. Arselli said the company plans to expand in Central Asia and China, as well as in Saudi Arabia.

The Saudi energy company plans to develop a number of green hydrogen plants, including an 8.5 billion-dollar project in “NEOM”, a new city on the northwestern coast of the kingdom. It also plans to start operations in China as part of a wider global expansion plan by 2030.