Support for renewables will protect citizens from price volatility: official

The support provided to renewable energy plants by the Saudi Ministry of Energy, Industry and Mineral Resources includes granting land and customs exemption in addition to loans up to 75 percent of the project’s value, Turki AlShehri, the head of renewable energy projects at the ministry, said.

“The direct support provided to plants is intended to protect the citizens from being affected by prices,” AlShehri said on the sidelines of the Future Renewable Energy Projects in Saudi Arabia workshop.

Saudi nationalization, which reached 30 percent in renewable energy projects, will be ranging between 40-60 percent this year while it is expected to grow to 60 percent next year, the official added.