The CEO of Siemens has said the potential for renewable energy projects in Saudi Arabia is huge, while declining to comment on whether the company would help Middle Eastern countries with their nuclear power ambitions.
“Projects with renewable energies have a huge potential in Saudi. The country has very large areas which would be suitable for wind or solar power due to its geographical position – investments which would pay off very quickly,” Peter Löscher told Arabian Business in an interview.
Switching to an energy mix with a significant share of renewables would allow Saudi to retain its oil reserves for a longer period of time, the global head of the German conglomerate added.
Earlier this month, Siemens was one of 12 major European companies to sign a declaration of intent to build a series of solar thermal power plants in the Sahara desert that would supply Europe with up to 20 percent of its energy by 2050.
The project, called Desertec, would require an investment of around EUR400bn.
Löscher declined to comment on whether Siemens had plans to help the UAE, or any other Middle Eastern countries, with their nuclear power ambitions.
The company is currently embroiled in a bitter dispute with France’s Areva to exit the two companies’ EUR2bn joint venture in nuclear reactors.