Abu Dhabi-based renewable energy company Masdar has inaugurated its new office in Riyadh, to strengthen its support for Saudi Arabia’s clean energy objectives.
Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co. (SPPC) for renewable energy projects, with a combined capacity of 3.3 gigawatts (GW).
The SPPC’s tender will be for three wind power plants with a combined capacity of 1.8GW and two solar parks totalling 1.5GW, Masdar said in a statement.
#Masdar is committed to supporting #SaudiArabia’s net-zero objectives, and the inauguration of our Riyadh office will enable us to expand our presence in the Kingdom and play a more active role in its #EnergyTransition.
— Masdar (@Masdar) October 28, 2022
Saudi Arabia aims to generate 50 per cent of its electricity from clean sources by the end of this decade, targeting 58.7GW coming from renewable sources.
The kingdom has also pledged to cut its carbon emissions to net zero by 2060, with plans to invest more than $180bn to reach that goal.
“This occasion reflects the close ties that unite our two countries, as well as the strength of the strategic relations between the UAE and Saudi Arabia,” said Sheikh Nahyan bin Saif Al Nahyan, UAE Ambassador to the kingdom of Saudi Arabia.
“We are committed as countries and peoples to cooperating in this regard, not only for the benefit of our countries but also for the region and world at large.”
Masdar is already contributing to Saudi Arabia’s clean energy objectives, with the 400-megawatt (MW) Dumat Al Jandal Wind Farm having begun electricity production last year.
Once fully operational, the farm will generate enough clean energy to power 70,000 Saudi homes, while displacing 988,000 tonnes of CO₂ annually. It was developed by a consortium of Masdar and EDF Renewables with Nesma Company.
“Masdar is actively committed to supporting Saudi Arabia’s efforts to reach net zero, and the kingdom represents a key strategic market where we have established a proven track record in developing clean energy projects,” Mohamed Jameel Al Ramahi, chief executive officer of Masdar.
“This new office will support Masdar’s ongoing growth and expansion in the kingdom, and it will better enable us to help diversify Saudi Arabia’s energy mix and meet the ambitious renewable energy targets outlined in Vision 2030.”
Masdar is also developing the 300MW South Jeddah Noor Solar Photovoltaic Plant, through a consortium led by Masdar with EDF Renewables and Nesma Company as partners.