Saudi Arabia Readies to Invest $109 Billion in Solar Power

The country's first solar farm will be up and running in 2015

By on November 27th, 2012 14:47 GMT

Coincidence or not, the news of this year's UN climate change summit in Doha, Qatar is joined by Saudi Arabia's announcement that it plans to invest as much as $109 billion (roughly €85 billion) on a solar energy plan that will up its dependence on this renewable source.

Some speculate that the country's decision to spend whopping amounts of money on greening up its energy industry has to do with the fact that, in the aftermath of a series of extreme weather manifestations and troubling scientific reports, nations who happen to be rather rich in terms of fossil fuels are being pressured into rethinking their energy plans.

Needless to say, the main idea is that cutting down on the amounts of fossil fuels presently being burnt on a global scale will ultimately help put a leash on climate change and global warming.

Oil Price reports that, according to official announcements, Saudi Arabia hopes that, by the year 2032, it will have succeeded in installing 41 GW worth of solar farms.

For the time being, all that is lacking is the country's government's giving the green light to this project, but it is expected that it will not be long before these solar installations actually begin to take shape.

Should things go as planned, it is to be hoped that the first solar installation will be up and running as early as the year 2015.

Other states that wish to follow in Saudi Arabia's footsteps and “spice” up their energy mix by investing in harvesting renewable energy sources are Qatar, Abu Dhabi and Dubai.

The same source informs us that, presently, the only downside to Saudi Arabia's investing this much money in solar power is the news that, green energy aside, the country is to also push forward with its plans to build 17 new nuclear reactors.

Work on these reactors should be completed within the following 20 years, and the final costs will amount to roughly $100 billion (about €77 billion).

Comments