Latest news with #NREP
Gulf Today
3 days ago
- Business
- Gulf Today
Aljomaih Energy leads financial close of Rabigh 2 Solar Project
The Rabigh 2 Solar Independent Power Plant (IPP) has successfully reached financial close on May 15, 2025, under Round 5 projects of Saudi Arabia's National Renewable Energy programme (NREP), which is led and supervised by the Ministry of Energy. The project is being developed by a consortium comprising Aljomaih Energy & Water Company as the lead developer and TotalEnergies Renewables SAS as the consortium partner, underscoring the strong collaboration between leading local and international energy companies. Located in Rabigh, Makkah Province, the Rabigh 2 Solar IPP is implemented under a Build, Own, Operate (BOO) model and will boast a generation capacity of 300 MW. The Saudi Power Procurement Company (SPPC) will purchase the electricity generated over 25 years. The project is financed with a total value of SAR 825 million, supported by a consortium of lenders including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong). Once operational, Rabigh 2 will be capable of powering approximately 53,000 residential units. In this context, Ibrahim Mohammed Al Abdulaziz Aljomaih, Chairman of the Board of Directors at Aljomaih Energy and Water Company, stated: 'Rabigh 2 Solar IPP reflects our unwavering commitment to supporting the Saudis'ambitious Vision 2030, the National Renewable Energy programme and the Saudi Green Initiative. At Aljomaih Energy and Water, we are proud to collaborate closely with relevant governmententities to advance Saudi Arabia's clean energy transition.
Yahoo
13-05-2025
- Business
- Yahoo
Saudi Arabia Solar Energy Solutions Industry Report 2025: Market to Grow at a CAGR of 20.5% - Key Trends, Regional Insights, Competition, Forecast & Opportunities, 2020-2030F
Saudi Arabia's Solar Energy Solutions Market, valued at USD 2.5B in 2024, is set to reach USD 7.72B by 2030, with a CAGR of 20.50%. Driven by Vision 2030's sustainability goals, significant government initiatives, foreign investments, and abundant solar resources, the market is rapidly expanding. Key players like ACWA Power and Trina Solar are propelling innovation, particularly in photovoltaic technology. Despite challenges like grid integration, financing, and water scarcity, Saudi Arabia is poised as a global leader in solar energy, diversifying its economy and enhancing energy sustainability. Saudi Arabian Solar Energy Solutions Market Dublin, May 13, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Solar Energy Solutions Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia Solar Energy Solutions Market is witnessing significant growth, projected to rise from USD 2.5 billion in 2024 to USD 7.72 billion by 2030, with a CAGR of 20.50%. This expansion is driven by the Kingdom's strategic shift towards renewable energy, underlined by its Vision 2030 initiative aiming to diversify energy sources and reduce hydrocarbon dependency. Central to this transition is the National Renewable Energy Program (NREP), which targets the installation of 27.3 gigawatts of renewable energy by 2024. This has resulted in favorable conditions for solar energy investments, supported by government policies, long-term Power Purchase Agreements (PPAs), land availability, and streamlined permitting processes. Such measures attract both domestic and international stakeholders, bolstering Saudi Arabia's position in the global solar market. Saudi Arabia's geographic advantage with abundant sunshine enhances its potential to harness solar power, particularly through photovoltaic technologies. Key projects in sunlight-rich regions, such as the Empty Quarter, optimize solar project efficiency. The Kingdom's target to install 50 GW of renewable energy by 2030, including 40 GW from solar power, underscores its commitment to this energy transition. Technological advancements are pivotal in driving the market forward. Innovations in bifacial panels, advanced tracking systems, and energy storage are enhancing solar efficiency and economic feasibility. This focus on cutting-edge technologies places Saudi Arabia at the forefront of the renewable energy sector. The solar market also contributes to economic diversification and job creation, vital for fostering a resilient economy less dependent on oil. Solar project development is generating employment in construction, installation, and maintenance sectors, while also supporting the growth of local industries and expertise in solar technologies. Despite significant progress, challenges remain. Grid integration poses hurdles due to the variable nature of solar power. Investments in grid upgrades and smart grid solutions are essential to address these. Financing is another challenge, with high upfront costs requiring supportive financial mechanisms from the government to encourage investment. Furthermore, water scarcity necessitates innovative cleaning methods for solar panels, reducing traditional water-intensive processes. Regulatory and policy frameworks also need refinement to enhance transparency, streamline project approval processes, and sustain investor confidence. Trends such as decentralized solar installations, green hydrogen production integration, and digitalization are reshaping the market. Corporations increasingly participate in renewable energy procurement, driving demand and supporting market growth. The Photovoltaic Cells segment dominates the market, supported by technological advancements and widespread adoption across various applications. Riyadh, as a hub for solar initiatives, leads regional development, driven by its infrastructure and strategic government backing. Key market players include ACWA Power International, Saudi Electricity Company, Saudi Arabian Oil Co., and others, reflecting a competitive landscape poised for continued innovation and expansion. Key Attributes: Report Attribute Details No. of Pages 86 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $2.5 Billion Forecasted Market Value (USD) by 2030 $7.72 Billion Compound Annual Growth Rate 20.5% Regions Covered Saudi Arabia Key Topics Covered: 1. Product Overview1.1. Market Definition1.2. Scope of the Market2. Research Methodology2.1. Objective of the Study3. Executive Summary4. Impact of COVID-19 on Saudi Arabia Solar Energy Solutions Market5. Voice of Customer6. Saudi Arabia Solar Energy Solutions Market Overview7. Saudi Arabia Solar Energy Solutions Filters Market Outlook7.1. Market Size & Forecast7.2. Market Share & Forecast8. Riyadh Solar Energy Solutions Market Outlook8.1. Market Size & Forecast8.2. Market Share & Forecast9. Makkah Solar Energy Solutions Market Outlook9.1. Market Size & Forecast9.2. Market Share & Forecast10. Madinah Solar Energy Solutions Market Outlook10.1. Market Size & Forecast10.2. Market Share & Forecast11. Jeddah Solar Energy Solutions Market Outlook11.1. Market Size & Forecast11.2. Market Share & Forecast12. Tabuk Solar Energy Solutions Market Outlook12.1. Market Size & Forecast12.2. Market Share & Forecast13. Eastern Province Solar Energy Solutions Market Outlook13.1. Market Size & Forecast13.2. Market Share & Forecast14. Rest of Saudi Arabia Solar Energy Solutions Market Outlook14.1. Market Size & Forecast14.2. Market Share & Forecast15. Market Dynamics16. Market Trends and Developments17. Company Profiles17.1. ACWA Power International17.2. Saudi Electricity Company17.3. Saudi Arabian Oil Co.17.4. Trina Solar Co.,Ltd17.5. SolarEdge Technologies Inc.17.6. Schneider Electric SE17.7. First Solar Inc17.8. Array Technologies, Inc. For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Solar Energy Solutions Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Saudi Arabia Solar Energy Solutions Industry Report 2025: Market to Grow at a CAGR of 20.5% - Key Trends, Regional Insights, Competition, Forecast & Opportunities, 2020-2030F
Saudi Arabia's Solar Energy Solutions Market, valued at USD 2.5B in 2024, is set to reach USD 7.72B by 2030, with a CAGR of 20.50%. Driven by Vision 2030's sustainability goals, significant government initiatives, foreign investments, and abundant solar resources, the market is rapidly expanding. Key players like ACWA Power and Trina Solar are propelling innovation, particularly in photovoltaic technology. Despite challenges like grid integration, financing, and water scarcity, Saudi Arabia is poised as a global leader in solar energy, diversifying its economy and enhancing energy sustainability. Saudi Arabian Solar Energy Solutions Market Dublin, May 13, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Solar Energy Solutions Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia Solar Energy Solutions Market is witnessing significant growth, projected to rise from USD 2.5 billion in 2024 to USD 7.72 billion by 2030, with a CAGR of 20.50%. This expansion is driven by the Kingdom's strategic shift towards renewable energy, underlined by its Vision 2030 initiative aiming to diversify energy sources and reduce hydrocarbon dependency. Central to this transition is the National Renewable Energy Program (NREP), which targets the installation of 27.3 gigawatts of renewable energy by 2024. This has resulted in favorable conditions for solar energy investments, supported by government policies, long-term Power Purchase Agreements (PPAs), land availability, and streamlined permitting processes. Such measures attract both domestic and international stakeholders, bolstering Saudi Arabia's position in the global solar market. Saudi Arabia's geographic advantage with abundant sunshine enhances its potential to harness solar power, particularly through photovoltaic technologies. Key projects in sunlight-rich regions, such as the Empty Quarter, optimize solar project efficiency. The Kingdom's target to install 50 GW of renewable energy by 2030, including 40 GW from solar power, underscores its commitment to this energy transition. Technological advancements are pivotal in driving the market forward. Innovations in bifacial panels, advanced tracking systems, and energy storage are enhancing solar efficiency and economic feasibility. This focus on cutting-edge technologies places Saudi Arabia at the forefront of the renewable energy sector. The solar market also contributes to economic diversification and job creation, vital for fostering a resilient economy less dependent on oil. Solar project development is generating employment in construction, installation, and maintenance sectors, while also supporting the growth of local industries and expertise in solar technologies. Despite significant progress, challenges remain. Grid integration poses hurdles due to the variable nature of solar power. Investments in grid upgrades and smart grid solutions are essential to address these. Financing is another challenge, with high upfront costs requiring supportive financial mechanisms from the government to encourage investment. Furthermore, water scarcity necessitates innovative cleaning methods for solar panels, reducing traditional water-intensive processes. Regulatory and policy frameworks also need refinement to enhance transparency, streamline project approval processes, and sustain investor confidence. Trends such as decentralized solar installations, green hydrogen production integration, and digitalization are reshaping the market. Corporations increasingly participate in renewable energy procurement, driving demand and supporting market growth. The Photovoltaic Cells segment dominates the market, supported by technological advancements and widespread adoption across various applications. Riyadh, as a hub for solar initiatives, leads regional development, driven by its infrastructure and strategic government backing. Key market players include ACWA Power International, Saudi Electricity Company, Saudi Arabian Oil Co., and others, reflecting a competitive landscape poised for continued innovation and expansion. Key Attributes: Report Attribute Details No. of Pages 86 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $2.5 Billion Forecasted Market Value (USD) by 2030 $7.72 Billion Compound Annual Growth Rate 20.5% Regions Covered Saudi Arabia Key Topics Covered: 1. Product Overview1.1. Market Definition1.2. Scope of the Market2. Research Methodology2.1. Objective of the Study3. Executive Summary4. Impact of COVID-19 on Saudi Arabia Solar Energy Solutions Market5. Voice of Customer6. Saudi Arabia Solar Energy Solutions Market Overview7. Saudi Arabia Solar Energy Solutions Filters Market Outlook7.1. Market Size & Forecast7.2. Market Share & Forecast8. Riyadh Solar Energy Solutions Market Outlook8.1. Market Size & Forecast8.2. Market Share & Forecast9. Makkah Solar Energy Solutions Market Outlook9.1. Market Size & Forecast9.2. Market Share & Forecast10. Madinah Solar Energy Solutions Market Outlook10.1. Market Size & Forecast10.2. Market Share & Forecast11. Jeddah Solar Energy Solutions Market Outlook11.1. Market Size & Forecast11.2. Market Share & Forecast12. Tabuk Solar Energy Solutions Market Outlook12.1. Market Size & Forecast12.2. Market Share & Forecast13. Eastern Province Solar Energy Solutions Market Outlook13.1. Market Size & Forecast13.2. Market Share & Forecast14. Rest of Saudi Arabia Solar Energy Solutions Market Outlook14.1. Market Size & Forecast14.2. Market Share & Forecast15. Market Dynamics16. Market Trends and Developments17. Company Profiles17.1. ACWA Power International17.2. Saudi Electricity Company17.3. Saudi Arabian Oil Co.17.4. Trina Solar Co.,Ltd17.5. SolarEdge Technologies Inc.17.6. Schneider Electric SE17.7. First Solar Inc17.8. Array Technologies, Inc. For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Solar Energy Solutions Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
