UK energy firms compete for Saudi Arabia’s US$50 bn renewable energy deals

Energy firms in the UK are vying to snatch wind, solar and power storage projects in Saudi Arabia through the country’s US$50 billion drive towards renewable energy.

The world’s largest producer of oil will soon launch a tender process for an ambitious renewable energy program which is expected to involve investment of between US$30billion and US$50billion by 2023 that will further help the country move away from fossil fuel.

The Saudis are planning to shift their power sector towards renewables, which is less expensive than its oil-burning power plants, in order to meet its rocketing demand for power which is increasing at a rate of 8% every year.

UK renewable energy firms are already preparing to compete for a share of the funding pot in what could prove a crucial test of the sector’s ability to export world-leading technology and skills.

Solar developers including Light source Energy, RES and Solar Century are expected to be first in line for a multi-million dollar Saudi windfall, and a raft of energy storage, engineering and software firms are also preparing to take part in the tender.

Emma Pinchbeck, executive director of Renewable UK, said the industry is ready to take advantage of the Saudi deal as part of its wider drive to tap the US$290billion global renewables market.

“British companies are moving as fast as they can to seek out contracts wherever they can internationally, and capturing economic value for the UK. This Saudi opportunity is just the latest.”

“In Saudi Arabia, for example, we already have members offering services as broad as delivering energy storage projects or supporting with land surveys,” she added.