Launch of new solar PV projects with a direct investment of USD 1.51 billion
May 13, 2019- The 22nd edition of Saudi Elenex – the international trade exhibition for Electricity, Alternative Energy, Lighting, Power Generation, and Water successfully concluded amidst strong international and local participation. The overwhelming participation witnessed by the 2019 edition of the event once again highlighted its pivotal role as an interactive platform that facilitates dialogue between VIPs and key decision makers from the public and private sectors in the fields of natural resources and renewable energy. Saudi Elenex 2019, which was held at the Riyadh International Convention & Exhibition Centre (RICEC), showcased a range of cutting-edge technologies and innovations in the renewable and non-renewable energy sectors at a time when the Kingdom’s renewable energy market is witnessing steady growth, underlining national efforts to increase power generation based on renewable energy. These efforts aim to achieve 40 gigawatts of photovoltaic (PV) solar power, 16 gigawatts of wind power and 3 gigawatts of concentrated solar power through large-scale investments by 2030.
Held under the patronage of Saudi Electricity Company, with support from SABIC and King Abdullah University of Science and Technology (KAUST) as research partner and in line with the Saudi Sustainable Energy and Technology Forum (Saudi SETF 2019), Saudi Elenex 2019 turned out to be an ideal opportunity to draw the international community’s attention to the successive developments and remarkable achievements in the Saudi energy sector. The strategies of the Ministry of Energy, Industry and Mineral Resources that present promising investment and employment opportunities attracted considerable international interest as well. These include the launch of seven solar PV projects with a capacity of 1.52 GW and a direct investment of USD 1.51 billion. The exhibition also served as the ideal venue to form new deals and partnerships that complement the development of renewable energy value chains and the adoption of best practices in manufacturing, research and development, which will further support the Saudi economy.
Mohammad Al Al-Sheikh, Head of Marketing, Riyadh Exhibition Company Ltd, pointed out that the success of Saudi Elenex 2019 underscores the growing local and international confidence in the Saudi renewable energy sector, which has exceptional opportunities to generate clean energy. He further highlighted the existence of strong fundamentals, including the abundance of solar power throughout the year, that underpin the Kingdom’s leadership in the global renewable energy landscape. The exhibition is an important strategic platform that unifies national efforts aimed at supporting advanced technological innovations in the service of renewable and non-renewable energy sectors, he added. This falls in line with the Kingdom’s strategy to adopt a pioneering methodology to accelerate the pace of development to achieve the objectives of the “National Transformation Program 2020” and “Saudi Vision 2030”.
Al Al-Sheikh continued: “The exhibition was successful in facilitating effective partnerships between the public and private sectors, thereby opening new channels of communication between leading manufacturers, distributors and national and international companies. Furthermore, it witnessed the launch of promising projects that are set to benefit from Saudi Arabia’s competitiveness and attractiveness as the largest regional market for solar energy, which is capable of contributing 50 per cent of global solar capacity by 2030. The success of the latest edition of Elenex reflects relentless efforts led by a team of experts at Riyadh International Convention & Exhibition Centre, raising the event’s standards to new heights each year. With 38 years of expertise in organizing exhibitions, conferences and interactive events in the Kingdom, we look forward to further expanding the scope of Saudi Elenex to contribute to bringing in latest innovations and localization of advanced technologies to support the development of a sustainable renewable energy sector.”
Meanwhile, the Saudi Sustainable Energy and Technology Forum (Saudi SETF 2019), which was held in conjunction with Saudi Elenex 2019 reviewed the current policies on renewable energy and power generation projects, as well as ways to address challenges related to the manufacturing of solar and wind technologies locally. Besides, the Forum reviewed the evaluation of local financing tools and opportunities for solar and energy storage projects and identified investment opportunities for the renewable energy in the Kingdom. Apart from showcasing the results of studies on finance and business models, the Forum also explored potential partnerships.