According to a Bloomberg report, cited by Arabian Business, the Solar Power Project 2030 development is valued at $200bn (SAR7.5bn).
The MoU is part of Saudi Arabia’s endeavour to develop its solar energy sector, with a new company set to be established to focus on the industry.
Two solar plants, with capacities of 4.2 gigawatts (GW) and 3GW, will be launched by 2019 as part of the agreement.
Solar panels for the plants will be developed and manufactured in the kingdom, Saudi’s state news agency, SPA, reported. Feasibility studies will be completed by May 2018, with the projects expected to create 100,000 jobs in the kingdom.
Solar Power Project 2030 is significant in its own right, but it is by no means the only large-scale scheme in Saudi Arabia’s pipeline.
Days after he signed the MoU with Softbank, Saudi Arabia’s Crown Prince met with Richard Branson, founder of Virgin Group, during a visit to the Virgin Galactic Company in California, US.
According to SPA, Branson and the Crown Prince reviewed areas of investment partnership and the development existing opportunities.
“We [are] looking forward to advancing the relationship between Saudi Arabia and Virgin Hyperloop One while we develop innovative transport technologies like hyperloop, accelerating Vision 2030 objectives to transform the kingdom from a technology consumer to a technology innovator,” the Crown Prince said, according to the National.