- Saudi Arabia’s SIDF has come out with a new fund worth SAR 105 billion to support promising new sectors
- Renewable energy projects and manufacturers of renewable components will be eligible to apply for loans under the fund
- BNN Bloomberg says the fund is seeking applications to provide long-term financing to last 20 years or more
- Through the program, SIDF hopes to achieve its renewable energy ambitions and meet local and regional demand
The Saudi Industrial Development Fund (SIDF) has launched a new fund with SAR 105 billion ($28 billion) to support promising new sectors such as renewable energy projects, manufacturers of renewable energy products and equipment, among others.
Called Mutjadeda, the program will support participation of local content in this sector through long-term financing that could last up to 20 years or more. Through this facility, Saudi Arabia aims to diversify its energy mix and achieve its renewable energy ambitions comprising 40 GW solar power goal by 2030.
Having in-house manufacturing facilities should enable the country to meet local and regional demand.
Canadian business news network BNN Bloomberg reported SIDF is seeking applications for projects that need loans in the space. It quoted SIDF’s Director General Ibrahim Almojel as saying, “Whether you’re in manufacturing, agriculture or retail, if you want to deploy renewable energy, we will finance it. For renewables to be adopted in the kingdom, we need to support it.”
Management of the fund clarifies that loans can be availed by both local as well as foreign-owned companies.