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Prince Mohammed bin Salman, Crown Prince and Chairman of the Public Investment Fund of Saudi Arabia, signed a Memorandum of Understanding (MoU) with Masayoshi Sun, Chairman of the SoftBank Vision Fund, to create the world's largest solar energy plan. 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 a capacity of 3 gigawatts and 4.2 gigawatts will be launched by 2019, and solar panels will be manufactured and developed in Saudi Arabia to produce between 150 and 200 gigawatts of solar energy power by 2030.
The MoU is based on the commitment of the two parties to the production and global distribution of solar panels with a capacity of 200 GW in Saudi Arabia, as well as opportunities to establish industries in the field of power generation systems and batteries in the Kingdom that will help to support sector diversification and job creation in advanced technologies. It is expected that the memo and the projects will help fuel energy production in Saudi Arabia, which will boost Saudi Arabia's role in supplying the world's oil-burning markets, especially as demand for oil is steadily increasing as production in some areas is depleted. The projects are expected to contribute an estimated 100,000 jobs in Saudi Arabia and increase Saudi Arabia's GDP by an estimated US $ 12 billion and an estimated US $ 40 billion annually.
http://www.aleqt.com/2018/03/28/article_1358536.html