This highlights the country’s huge potential for renewable energy development.

In the latest tender in Saudi Arabia, the cost of electricity from solar power plants ranged from 1.59 to 1.67 cents per kWh. This is not only lower than the minimum price of previous tenders, but also more than three times cheaper than the cost of electricity production at gas-fired power plants. Such figures were achieved thanks to government support, annual competitive selection of projects with a capacity of 20 GW, and the desire to increase the volume of renewable energy to 130 GW by 2030.

In addition, the country is actively attracting investment and cooperating with foreign companies. For example, Saudi Arabia signed an agreement with Chinese partners to create a production facility for solar modules and energy storage systems. Such projects highlight the country’s priorities in reducing dependence on oil and developing environmentally friendly technologies.