This opportunity entails setting up an assembly plant for solar PV modules.
Saudi Arabia plans to significantly increase capacity of energy production from renewable sources. Today, energy generation from renewable sources is almost negligible; however, Saudi Arabia has set a renewables target of 3.45 GW by 2020 and 9.5 GW by 2023. Round one for solar PV energy of 300 MW has already been tendered and round two has been announced for 3.3 GW.
KSA solar PV module market is forecasted to grow at a CAGR of 12% from USD 149 million in 2018 to reach USD 594 million by 2030. This amounts to an estimated 2018-2030 cumulative forecast of USD 7,450 million. With forecasted market growth, multiple opportunities exist to localize the module production value chain. The main focus of this opportunity is on assembly of solar PV trackers
Additional opportunities also exist in manufacturing and testing of solar PV modules
The government is strongly committed to unlocking the renewable energy sector, through increasing capacity and localization requirements. Current localization requirements stand at 30%, while future localization plans are set between 40% and 60%.
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