The Arab Petroleum Investments Corporation (APICORP) signed 2 agreements with UAE-based Yellow Door Energy to install solar panels and retrofit its headquarters in Dammam with energy-efficient technologies, it said in a statement on Sunday.
The new fittings will cut APICORP’s carbon emissions by 2,000 tons and generate up to 718 megawatt hour (MWh) of clean energy, as well as reduce energy consumption by 35%.
The project is expected to be complete by the end of 2020.
In 2019, APICORP and a consortium of international and regional banks invested SAR 244 million ($65 million) in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets.
Saudi Arabia’s Ministry of Energy plans to add 60 gigawatts (GW) of clean energy capacity to the national grid by 2030. Of this, 40GW will come from solar photovoltaic plants, 16GW from wind turbines and 2.7GW from concentrated solar power, the statement noted.
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