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The Public Investment Fund of Saudi Arabia (PIF) has signed a non-binding Memorandum of Understanding (MoU) with SoftBank's Vision Fund LP (SBVF) to create the New Solar Energy Plan 2030, which envisions the development of between 150 GW and 200 GW solar power generation capacity in Saudi Arabia by 2030.
The New Solar Energy Plan will also involve the establishment of an electricity generation company in Saudi Arabia, which will commission two solar generation projects with 3 GW and 4.2 GW capacity by 2019. The estimated cost of the two projects is US$5 billion, with US$1 billion being provided by SBVF and US$4 billion by project financing.
Furthermore, the MoU commits the parties to explore the manufacture and development of energy storage systems, and establish joint ventures for research and development.
The Plan is intended to enable Saudi Arabia to export power and solar panels overseas, as well as establish solar and battery manufacturing ecosystems in the Kingdom, helping to support diversification of the energy sector and high-tech job creation. It forms part of the government's commitment to localizing a significant portion of the renewable energy value chain in the Saudi economy, including research and development and manufacturing.
PIF alleges that these projects will help create up to 100,000 direct and indirect jobs in the country and will contribute US$40 billion to the GDP on a cumulative basis by 2030.
The Plan was first launched in October 2017, as reported on this platform. The next step in the process is the completion of due diligence, which PIF and SBVF intend to do by the end of May 2018.
The Water & Electricity Company (WEC) of Saudi Arabia has published a Request for Expressions of Interest for the Jubail Phase 3 Independent Water & Power Project, to be located on the Arabian Gulf Coast, approximately 18km south of the Jubail Industrial City, adjacent to the existing plant units (Jubail Phase 1, Jubail Phase 2 and Jubail RO plants), in the Eastern Province of the Kingdom of Saudi Arabia.
Read moreThe Renewable Energy Project Development Office (REPDO) within the Ministry of Energy, Industry and Mineral Resources in Saudi Arabia has awarded the Sakaka IPP PV solar project, the first utility scale renewable energy project in the country, to ACWA Power.
Read moreDubai Electricity and Water Authority (DEWA) has launched a request for expression of interest (RFEOI) to develop the 250 MW Hatta hydroelectric project in Dubai.
Read moreSaudi Arabia’s Public Investment Fund (PIF), has signed a Memorandum of Understanding (MoU) with SoftBank Vision Fund (SBVF) to jointly fund the development of 3 GW of solar photovoltaic and storage capacity in Saudi Arabia.
Read moreThe Renewable Energy Project Development Office (REPDO) of Kingdom of Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources has released the Request for Proposals (RFP) for its first utility-scale wind power project within the National Renewable Energy Program (NREP).
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