Saudi Arabia expects to attract more than $20 billion in investments in renewables over the next decade, the CEO of Saudi National Grid said Oct. 19, as the world's biggest oil exporter seeks to free up oil burned in power generation for export.

The kingdom is aiming to generate 30 GW from renewables by 2025 and 60 GW by 2030, Ibrahim al-Jarbou told the Siemens Energy Week virtual conference.

The Gulf state also expects to attract near record low prices for its renewables projects, he said.

"There is a tender going for some projects and we are expecting these numbers to be very low cost," he said.

The Saudi ministry of energy in January launched round three of its National Renewable Energy Program (NREP). The round comprises four solar projects with a total combined capacity of 1.2 GW.</p