Saudi Arabia Eleneggy Deals Worth 4.35 Billion Riyals
The Saudi Power Purchase Company (the "Main Buyer") has signed four agreements to develop energy storage projects using battery technology, with a total capacity of 2,000 MW for 4 hours, involving investments exceeding 4.35 billion riyals (approximately $1.16 billion). The projects encompass regions such as Mecca, Hail, and Qassim, and are part of Saudi Arabia's efforts to increase the share of renewable energy to around 50% by 2030. These projects aim to enhance the reliability and efficiency of the electrical system, support the expansion of clean energy sources, and develop electricity storage technologies, thereby strengthening Saudi Arabia's position globally in the renewable energy sector.
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