HRH Crown Prince signs MoU with Softbank to establish the world's largest solar project 2 New York

Wednesday 1439/7/11 - 2018/03/28
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This MoU is a complement to what was previously signed in the Future Investment Initiative last October. The agreement also states that the feasibility studies between the two parties on this project will be completed by May 2018. The agreement also states that the two parties are committed to exploring the manufacture and development of solar storage systems in the Kingdom of Saudi Arabia and the establishment of specialized companies for research and development of solar panels in commercial quantities in Saudi Arabia that allow marketing it locally and globally.
The Memorandum of Understanding (MoU) is based on the commitment of the two parties to the production and distribution of solar panels with a capacity of 200 GW in the Kingdom of Saudi Arabia and marketing it globally, as well as exploring the opportunities to establish industries in the field of power generation systems and batteries in the Kingdom, to support diversification of sectors and create jobs in the field of advanced technologies.
It is expected that this MoU and the projects to be set up by the Kingdom of Saudi Arabia will help to save oil in the energy production in the Kingdom, which will strengthen the Saudi role in supplying the world's oil markets. The projects are expected to contribute to creating an estimated 100,000 jobs in the Kingdom of Saudi Arabia and its GDP.
--SPA
13:18 LOCAL TIME 10:18 GMT