(MENAFN) As said in a report by the Middle East Solar Industry Association (MESIA), KSA plans to invest up to USD50 billion in the renewable energy sector by 2023, as part of its strategy to decrease its reliability on oil income and diversify its energy mix.
Saudi Arabia has introduced some measures to foster the growth of renewable energy and solar industry including the execution of new legal and regulatory frameworks within the National Renewable Energy Program (NREP).
The goals of NREP were largely grown in 2018 with a 5-year target of 27.3 GW and a 12-year target of 58.7 GW.
Another positive development is the Mutjadedah Program that was introduced to help the improvement of the private renewable energy sector.
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