Renewable energy surging in Saudi Arabia, says Beyer
Saudi Arabia is emerging as one of the world’s most competitive renewable energy markets, said Zest's Managing Director Jeffrey Beyer on Asharq Bloomberg.
Saudi Arabia’s renewable build-out is accelerating and investors are paying close attention, according to JP Morgan Chase. Why the growing interest?
⚡ Ambition – Through 7 rounds of the National Renewable Energy Program (NREP) plus a 15 GW special tender last year, Saudi is on track for its 50% renewable energy by 2030 goal.
🏗️ Investment climate – While Saudi firms like ACWA Power won most tenders a few years ago, many awards are now going to global players.
👷♀️ The announcement of a 6 GW solar manufacturing facility by SoleFiori Technology Co. (China) shows localization policy is working, with supply chains taking root in-country.
📉 Competitiveness – Solar at 1.04¢/kWh and wind at 1.5¢/kWh are among the lowest prices globally, thanks to strong resources, robust regulation, and trusted data on solar and wind yields. These factors have cut risks and enabled record-low bids.
💰 Global dynamics – In 2024, global clean energy investment surpassed USD 2 trillion — roughly double the amount flowing into fossil fuels. Even if US policies shift away from clean energy, investors see Saudi as a stable, predictable environment to secure long-term returns.
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