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Saudi Arabia Will Invite Bids for Renewable Energy Projects in April

Saudi Arabia Will Invite Bids for Renewable Energy Projects in April

Fortune Editors and Reuters

Updated: Feb 02, 2017 8:45 AM UTC

Saudi Arabia will invite international and domestic companies to bid for renewable energy projects in April , the energy minister said on Wednesday, adding that he expected to award the deals in September.

Energy minister Khalid al-Falih, speaking at a new s conference in Riyadh said the projects would include two new solar and wind power plants with a capacity to produce 700 megawatts of power.

The projects are part of a major renewable energy supply program which is expected to involve investments of between $30 billion and $50 billion by 2023.

" The terms on renewable contracts will be motivating," Al-Falih said at the press conference, according to Bloomberg, "so that the cost of generating power from these renewable sources will be the lowest in the world. " He added that they would also be the largest-sized such projects in the Middle East, and would be the country's first public-private partnership tender

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