The $28 billion Saudi Industrial Development Fund’s (SIDF) Mtujadeda program is designed to fund renewable energy component manufacturers and projects developers with a package of incentives.
The program comprises three components. The first component includes financing renewable energy components manufacturers with a repayment period of up to 20 years, a grace period up to 36 months and a financing up to 75 percent of the project cost.
The second component comprises financing independent renewable energy production projects with a repayment period up to 20 years, and a grace period of up to 36 months.
The third component is financing renewable energy production projects for the industrial, commercial, and other sectors with a repayment period of up to 12 years, and a grace period of up to 36 months.
Saudi Arabia recently started offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil.
The 105 billion-riyal ($28 billion) (SIDF) opened applications for the program, called Mutjadeda, which will give loans of as much as SAR 1.2 billion.
The fund, which was launched in 1979, is being reworked by Crown Prince Mohammed bin Salman, to suit his plan for ‘life after oil’, dubbed Vision 2030, and was also recently expanded to allow for the financing of energy, logistics and mining projects.
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