This should help pave the way for utility scale solar power project developers to line up some financing and make a pitch to the powers that be in Riyadh who are looking to attract over $100 billion worth of solar investments into the Kingdom:
Saudi Arabia will form a company to buy power from generators of renewable energy and to cover any cost difference between the purchase and sale prices, according to an official who has a hand in shaping the policy. “There will be an offtaker and the offtaker will sell to a distribution company,” Khalid Al Sulaiman, vice president at the King Abdullah City for Atomic and Renewable Energy, told reporters at a conference in Abu Dhabi Tuesday.
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