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Saudis Accelerating Sunward Tilt in Charge for Oil Revenue

  • Solar developers expect volume of solar power tenders to rise
  • Kingdom currently burns billions worth of oil on electricity
Bloomberg business news

Saudi Arabia's Move Towards a New Economic Reality

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Saudi Arabia’s long-awaited drive to free up more oil revenue by shifting to solar power generation is expected to pick up speed next quarter, according to local developers eyeing contracts.

“I’m fully expecting within the first quarter 500 megawatts to come out in tenders and then it’ll ramp up,” said Paddy Padmanathan, the chief executive officer of Acwa Power International in Riyadh. “That will be a game changer for the region.”