Neom Enters MoU With Saudi Arabian Energy Ministry

Saudi Arabian Energy Ministry To Help NEOM Achieve Renewable Energy Ambitions On Schedule By Signing Memorandum Of Understanding
05:34 PM (Beijing Time) - 24. August 2020
Presentation1

Neom aims to have 15 GW of renewable energy capacity by 2030 and to help it achieve its ambitions on schedule, the Saudi Arabian Ministry of Energy has committed to cooperate with the new high-tech city. (Photo Credit: Neom)

Key Takeaways

  • Saudi Arabia’s Ministry of Energy will help NEOM in achieving its renewable energy ambitions as targeted
  • It signed a series of agreements with NEOM that spans cooperation for renewable energy, hydrogen production, development and application of AI for energy
  • The cooperation will also extend to the ministry helping NEOM in ascertaining right energy mix, support renewable energy project and ensuring local content in the projects among other things

Saudi Arabian planned mega city of Neom has entered a series of agreements with the Saudi Arabian Ministry of Energy to help it achieve its renewable energy ambitions under an overarching target of 15 GW by 2030. The 2 signed a memorandum of understanding (MoU) to cooperate in the field of renewable energy, hydrogen production, development and application of artificial intelligence (AI) in the field of energy among others, reported various media outlets.

The ministry will also cooperate with Neom to figure out the right energy mix, support renewable energy projects, ensure local content for the energy sector, promote electrical grid projects, and the like. By cooperating with Neom, the Saudi energy ministry will assist the city to reach its targets on schedule. Further details of the planned cooperation weren’t made available.

Neom is part of Saudi Arabian Crown Prince Mohammed bin Salman’s ambitious Vision 2030 initiative. The city plans to go completely renewable in its electricity supply with competitively procured solar, wind and green hydrogen figuring importantly on the list.

In July 2020, Air Products and Chemicals, ACWA Power and Neom announced what they termed as the largest renewable hydrogen project to be powered by over 4 GW solar, wind and storage capacity (see Green Hydrogen Project Powered By Over 4 GW RE).

In January 2019, Saudi Arabia reportedly announced a 60 GW renewable energy target for the kingdom comprising 40 GW of solar power capacity (see Saudi Arabia Aims For 40 GW Solar By 2030).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani