ARAB NEWS DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman has signed a memorandum of understanding (MoU) with SoftBank to establish the largest solar power plant in the world. It is set to produce 200 gigawatts in Saudi Arabia – enough to power 140 million homes, according to reports.
Construction work on the project will begin immediately and is expected to be completed in 2030.
The crown prince and the chairman of the board of Saudi Arabia’s Public Investment Fund signed the memorandum with the chairman of Softbank to create “Solar Plan 2030,” which is the largest in the world in the field of solar energy.
This agreement is a new framework for the development of the solar energy sector in Saudi Arabia, under which a new solar power plant will be established.
Two solar plants with capacities of 3 gigawatts and 4.2 gigawatts respectively will be launched by 2019 while solar panels will be manufactured and developed in Saudi Arabia by 2030 holding capacities of 150 gigawatts and 200 gigawatts.