Saudi Arabia Continuing on Plan to Post-oil Economy

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February 26, 2017

Saudia Arabia is forging ahead with its plan for a post-oil economy.

In 2016, the world's biggest exporter of oil embarked on an economic reform plan called Vision 2030. The energy demand by that year is expected to be more than 100 gigawatts. Currently, Saudia Arabia generates nearly all of its power from oil or from natural gas.

The Saudi government has invited companies to submit bids for two projects: a 300-megawatt solar energy plant, to be built in the northern province of Al-Jouf, and a 400-megawatt wind power plant in the nortwestern area of Tabuk.

Companies both domestic and international have until March 20 to signal willingness to participate; the government will announce a short list on April 10, and then companies will have until July to make formal bids.

The government's overall target is to have produced 9.5 gigawatts of renewable energy by 2023.

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