Oil Giant Saudi Arabia Set to Build First Wind-Power Plant
- EDF Renewables, Masdar arranged financing for 400MW project
- Dumat Al Jandal plant is part of Saudi push to use less oil
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Saudi Arabia, the world’s biggest oil exporter, is poised to start generating wind power within three years as part of an effort to harness renewable energy to cut local demand for fossil fuels.
The renewable energy units of Electricite de France SA and Abu Dhabi’s Mubadala Investment Co. completed arrangements with Saudi and international banks to finance the project, according to a statement from Masdar, as the Abu Dhabi business is known. Masdar didn’t identify the lenders.