Saudi Aramco Considering $5 Billion of Renewable Deals ?  

Posted by Big Gav in ,

Bloomberg reports that Saudi Arabia may be getting ready to transition from oil to renewables - Saudi Aramco Said to Weigh Up to $5 Billion of Renewable Deals.

Saudi Aramco, the world’s largest oil company, is considering as much as $5 billion of investments in renewable energy firms as part of plans to diversify from crude production, according to people with knowledge of the matter. ...

Saudi Arabia is planning to produce 10 gigawatts of power from renewable energy sources including solar, wind and nuclear by 2023 and transform Aramco into a diversified energy company. The kingdom also plans to develop a renewable energy research and manufacturing industry as part of an economic transformation plan announced by Deputy Crown Prince Mohammed bin Salman in April.

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