Shoals ties up with UUES for solar EBOS manufacturing in Saudi Arabia
Sep 06, 2024 15:19 CESTSaudi Arabia is intensifying its push to expand green energy, with the share of clean energy investments expected to increase at the expense of oil industry funding, according to a recent study by Goldman Sachs Research.
The Kingdom is projected to invest USD 1 trillion (EUR 908bn) by 2030 across six strategic sectors with the share of non-oil investments growing to 73% from an earlier forecast of 66%, Goldman Sachs said on Thursday.
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Funding for clean energy is to rise to USD 235 billion, a significant increase from the earlier estimate of USD 148 billion, primarily due to Saudi Arabia's decision to more than double its 2030 capacity target for renewables. Renewable energy capex is estimated at USD 190 billion while investments in clean hydrogen are seen at USD 36 billion.
The Kingdom has made significant progress in the expansion of renewables. By June 2024, about 11 GW of solar photovoltaic capacity was in the execution pipeline, alongside 16.7 GW of solar and wind capacity in the planning stages, according to Goldman Sachs Research. The Saudi government has also increased its 2030 solar energy target from 58.7 GW to between 100 and 130 GW.
In addition, Saudi Arabia is investing in sectors like metals and minerals, transport and logistics, and digitalisation to support its efforts to diversify the economy away from oil dependence.
In contrast, capital expenditures in the oil sector are projected to decrease by USD 40 billion between 2024 and 2028. Natural gas, however, plays a key role in Saudi Arabia's strategy as it should account for 50% of the power mix in 2030 with the remainder coming from renewables. The estimate for Saudi Arabia's potential investments in "upstream" oil and gas has been lowered to a range of USD 190 billion-220 billion, down from the earlier projection of USD 230 billion-260 billion.
Shoals ties up with UUES for solar EBOS manufacturing in Saudi Arabia
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