News Service


11 April 2017

Saudi Arabia’s conventional energy transition took another step forward this week as it qualified a raft of international developers for the first round of its National Renewable Energy Program.

The oil rich nation has been battling falling prices of the fossil fuel source over the past few years and has looked to several contingency plans to shift dependence from the long-standing energy and revenue stream.

This has been particularly evidenced by what is expected to be the largest initial public offering for national oil and gas firm Saudi Aramco, valuing the company at about $2 trillion.

Saudi Arabia’s transition was further consolidated with the establishment of firm renewable energy targets set last year, which calls for the deployment of 9.5 GW of renewable energy by 2030, with an interim target of 3.45 GW by 2020.

The road to Vision 2030

This week, Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources qualified 51 companies, from a total of 128 applicants, for the 700 MW wind and solar tender.

More specifically, 27 local and internationals saw early-stage success for the 300 MW solar project, while 24 companies will proceed to the next round for the 400 MW wind project.

As was to be expected, a raft of leading developers put their name forward for the competitive auction. This included: ACCIONA, Acciona Energia Global, ACWA Power, Fotowatio Renewable Ventures, Jinko Solar, Canadian Solar, Enel Green Power Spa, EDF Energies Nouvelles, Belectric, Hanwah Qcells Co., Korean Electric Power Corp. (KEPCO), Gamesa Energia SA, GE, Marubeni Corp., Mitsui & Co. Ltd., Vestas Middle East, and Trina Solar Ltd.

The following qualified developers will be expected to submit project proposals by July 2017.

Big name advisers spearhead Saudi Arabia’s green ambitions

Saudi Arabia’s energy ministry formed the all-new Renewable Energy Project Development Office (REPDO) in February 2017 to 'deliver and execute' its National Renewable Energy Program (NREP).

Japan’s Sumitomo Mitsui Banking Corp. was brought on board to act as the financial adviser through the competitive auction process.

London-headquartered DLA Piper has been engaged as legal adviser, while Germany’s Fichtner Group was selected for the role of technical adviser.

The REPDO team also includes members from Saudi Aramco and Saudi Electricity Co., as well as other state-owned energy entities.

Also last week…

Clean Energy Pipeline tracked nine project finance deals worth $1.8 billion, 13 M&A deals totalling $471 million and 13 venture capital private equity deals amounting to $28 million.

Clean Energy Pipeline subscribers can view these deals in the Transactions section of

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