Saudi Arabia is looking for up to US$50 billion in clean energy investments over the next six years, oil minister Khalid al-Falih said on Monday.
Speaking at the annual IRENA renewable energy summit in Abu Dhabi, al-Falih reiterated the Kingdom was committed to sourcing 30% of power from non-fossil sources by 2030.
“There will be significant investment in nuclear energy,” said the influential oil chief, adding: “We will connect to Africa to exchange non-fossil sources of energy.”
Saudi ministers have long hinted the country would tilt towards major solar investments, but progress has been slow in a country heavily reliant on hydrocarbons.
In 2013, the government said it planned to invest $109 billion to build over 50 gigawatts of renewables by 2030; currently its largest solar farm is a 10 megawatt installation in Dhahran.