Saudis Seek 30 Solar, Wind Projects in $50 Billion Pledge

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Saudi Arabia has led a coalition battling Iran-backed Houthi rebels in its impoverished southern neighbor for the past two years.

He has said the projects could cost between $30 billion and $50 billion.

Earlier in April, Saudi Arabia's Renewable Energy Project Development Office (REPDO) shortlisted 27 companies for the particular solar photovoltaic (PV) project and 24 for a 400-MW wind scheme, both part of the first round of NREP.

Khaled al-Falih said his country, the world's biggest oil exporter, will also sell renewable energy and its technology overseas.

The Kingdom will produce 10 percent of its power from renewables by 2023, he said.

Al Falih outlined that the center will operate to a high standard, ensuring data quality, global energy sector best practice and importantly transparency.

Falih said the energy sector is being completely restructured to include an autonomous board of regulators, and with privatized generation capacity.

Four U.S. Senators-Chris Murphy (D-CT), Rand Paul (R-KY), Dick Durbin (D-IL) and Al Franken (D-MN)-have introduced a resolution that would limit U.S. support for the Saudi war in Yemen.

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The National Renewable Energy Program (NREP) plans to transform the Kingdom's energy system by targeting the generation of 3.45 GW of renewable energy by 2020, under the National Transformation (NTP) and 9.5 GW by 2030, under Vision 2030.

Saudi Arabia will offer a tender in the fourth quarter for 400 megawatts of wind power at a project in the northern area of Domat al-Jandal, he said.

"This will come in stages".

Aramco, which is preparing to list up to 5 percent of its shares by next year, has created a department for renewables within the company to develop wind and solar projects.

Saudi Aramco Downstream acting senior vice president Abdulaziz Al-Judaimi said: "Saudi Aramco's participation in the forum stems from its crucial role in diversifying the Kingdom's energy mix through various projects and initiatives that aim at promoting the use and adoption of renewable energy to reduce emissions and to achieve a better environmental performance, while meeting the Kingdom's future energy demand".

This could help increase Aramco's valuation as it generates more revenue from exports than selling oil at lower domestic prices - Saudi Arabia is the world's fifth-biggest oil consumer despite being only the 20th biggest economy.

"Although Saudi Arabia ranks second among the Arab states in terms of trade with Russia, the volume of mutual trade turnover in the past year has significantly decreased", Matviyenko was quoted as saying in the report, which cited the press service of the Federation Council.

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