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Aramco Plans to Invest in 12 GW Renewable Energy by 2030

Saudi Aramco's plan to invest in 12,000 MW of renewable energy by 2030 entails investment in the kingdom’s national renewable energy programme as well as through affiliate investments in renewables and purchase of renewable energy certificates.

 

It is also expected that the oil giant will expand off-grid and grid-connected solar and wind energy solutions as an important source of low-carbon energy for its operations, similar to its adoption of cogeneration facilities to boost energy efficiency. 

 

Saudi Aramco Power Company (Sapco), subsidiary of the oil giant, owns a 30 percent stake in the special purpose vehicle (SPV) that is implementing the 1,500 MW Sudair solar photovoltaic (PV) scheme in Saudi Arabia.

 

It is expected that Sapco will own shares in future renewable energy projects being developed by the PIF as part of the kingdom's goal to develop 58,700 MW of renewable capacity by 2030.

 

Investments in renewables by affiliates Motiva, Arlanxeo and Saudi Aramco Jubail Refinery (Sasref) will also contribute to Aramco's overall goal of meeting its 12,000 MW renewable energy commitment by 2030.

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