In an interview, Tarshid’s CEO Waled Alghreri told CNBC Arabia, “We are targeting integrated savings through the Saudi Energy Efficiency Program (SEEP), and in the public sector alone, we will be saving 8 terawatts and SR2.5 billion annually.”
“We plan to reduce energy consumption in the Kingdom by SR25 billion ($6.6 billion) by 2030,” he added.
Tarshid was inaugurated to pioneer energy efficiency in collaboration with the Ministry of Energy by the Public Investment Fund (PIF) in Saudi Arabia.
Its services comprise of retrofitting buildings and street-lighting and it also fosters the use of renewable energy, including rooftop solar PV. The CEO said its Energy Efficiency Program is a rare example of a country creating a dedicated, integrated initiative to target energy efficiency.
Such programs are generally unstructured and dispersed. Also, these programs do not show encouraging outcomes.