Riyadh – Sharikat Mubasher: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has invested more than $17 billion in renewable energy and related industries over the past five years, according to a document reviewed by Asharq Business.

The investments are aimed at helping the Kingdom achieve 70% of its renewable energy generation target by 2030. The document outlines five key objectives behind the fund’s renewable energy strategy: expanding generation capacity, transferring and localizing knowledge, empowering the private sector, improving energy efficiency, and strengthening waste management.

As part of efforts to increase renewable energy production, PIF is working through an alliance that includes ACWA Power, Badeel, and SAPCO to develop projects with a combined capacity of 29.3 gigawatts. The portfolio includes 13 solar photovoltaic projects and two wind energy projects.

To localize expertise and manufacturing, the fund established Tawteen Renewable Energy to develop domestic production of solar equipment, components, and wind turbines. It has also signed agreements with global partners to localize the manufacturing of solar cells and panels.

The investments are also expected to support Saudi private-sector growth by deepening local supply chains and increasing demand for steel, cement, electronic systems, and project services.

In energy efficiency, the National Energy Services Company (Tarshid), a wholly owned PIF company, has led projects to reduce energy consumption in government and commercial buildings, cutting electricity use by around 9 terawatt-hours annually—equivalent to 14.35 million barrels of oil equivalent.

Meanwhile, Saudi Investment Recycling Company (SIRC), established by PIF in 2017, is working to develop the Kingdom’s waste management sector and raise landfill diversion rates to 90% by 2040 through the treatment of eight different waste streams.