Saudi Arabia is most likely to miss its 2023 renewables target by a large margin if it continues with the current rate of development, says a report by GlobalData.

Under the Vision 2030, the Kingdom revised its renewables target to achieve 27.3 GW of renewable power capacity by 2023 and 58.7 GW by 2030.

The report, ‘Saudi Arabia Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035’, reveals that Saudi Arabia is currently adding an average of 0.1 GW per year between 2010-2021 which will eventually lead to a shortfall of 25.8 GW to its 2023 target.

According to Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData: "The power sector in Saudi Arabia is facing numerous challenges when it comes to renewable power. Its issues range from low transparency to a lack of skilled human resources, an overarching bureaucracy, a high dependence on desalinated water, and low energy efficiency. Enforcement of contracts is also a concern. Further, the country is known to be a difficult location in which to start a business, it has low levels of international trade, and there isn't a robust insolvency resolution system in place."

The cumulative capacity for solar PV in Saudi Arabia reached 487.30 MW by 2021.

The major active solar PV plants in Saudi Arabia are Sakaka Solar PV Park, Haradh Solar PV Park, Al Kharj Solar PV Park, Saudi Aramco North Park Project, King Abdulaziz International Airport Solar PV Park, King Abdullah Petroleum Studies and Research Center Solar Park, Al Fanar Jinko Solar PV Plant, King Abdullah University of Science and Technology – Solar Park, Matco Solar PV Plant, and Farasan Solar Park. Sakaka Solar PV Park is the largest solar PV plant in terms of total capacity.

There are 10 plants in permitting stage, four under construction plants and one financed plant. The key under-construction projects in Saudi Arabia Solar PV market are Sudair Solar PV Park, Jeddah Solar PV Park, Jubail 3B IWP Solar PV Park, and Saudi Arabia-Financial Center Park, according to GlobalData.