In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.
Its latest report, “Saudi Arabia Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2024-2035,” GlobalData reports that Saudi Arabia has added 2.1 GW of renewable power capacity since 2022 – a 300% increase from the 700 MW added between 2012 and 2022.
At its current pace Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. It adds that Saudi Arabia’s renewable power projects under construction exceeded 8 GW at the end of last year, primarily due to several projects being awarded through auctions in the past eighteen months.
According to the report, “during 2015–23, renewable power capacity in Saudi Arabia increased at a compound annual growth rate (CAGR) of 82.4% from 0.02GW to 3GW. In 2023, solar PV constituted 82.6% of the total renewable power capacity of the country, followed by onshore wind accounting for nearly 14.1% and solar thermal accounting for 3.1% share.”
“The share of renewable power capacity in Saudi Arabia’s total capacity mix is estimated to reach 35.4% in 2035 from 3.2% in 2023 with an estimated share of 6.9% in 2030. Renewable power capacity with its present pace is expected to increase at a CAGR of 40.1% during 2023–30 to reach 31.5GW by 2030 and is estimated to reach 63.1GW by 2035. With persistent efforts by the policymakers and strict policy implementation, the kingdom has a good chance of reaching close to its set target. As per the expected trend, the country would add over 20GW every year making its target plausible.”
Sudeshna Sarmah, Power Analyst at GlobalData, comments: “Since 2022, the country has added 2.1GW of renewable power capacity. This is a 300% increase from the cumulative renewable capacity addition of 700MW during 2012-22. With its target of attaining carbon neutrality by 2060, the Kingdom has targeted adding 20GW of renewable power capacity annually to reach 130GW by 2030.”
Earlier this year, Saudi Arabia announced selected bidders for the fifth round of the Saudi Arabian government’s renewable energy tender program. The announcement followed a geographic survey which located 1,200 potential sites for wind and solar projects across the country.
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