Saudi Arabia unveils incentives to support green energy production

Saudi Arabia is planning to introduce industrial licences to companies operating in the renewable energy and electricity sector to promote the expansion of green power.

The Ministry of Industry and Mineral Resources, the Ministry of Energy and the Non-Oil Revenues Development Centre are partnering to offer incentives to energy project developers that will enable them to benefit from advantages including exemptions from customs, the Ministry of Energy said last week.

The initiative is meant to support the development of renewable energy technology and projects as well as Saudi Arabia's goal to become a regional centre of electricity production and export.

Interested businesses can apply for an industrial licence on the website of the Energy of Industry and Mineral Resources. The ministry noted that a number of incentives are already offered to investors in the area through the Senaei platform.

Renewable energy plays a major role in the kingdom's Vision 2030 strategy. The national energy mix used in electricity production should be diversified, boosting the share of natural gas and renewables to about 50% by the end of the decade while reducing the use of liquid fuel.

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