The Ministry of Military Production and TBEA Sun Oasis plan to build a solar photovoltaic plant with a generation capacity of 1,000 megawatts (MW) per year, Al Mal News reports.
Construction of the plant will be divided into two phases. Each phase will increase the capacity of the plant by 500 MW.
The plant is projected to cost over $2 billion. The Ministry of Military Production will own 51% of the project and TBEA will own the remaining 49%.
Construction is slated to begin next year and it is expected to take two and half to three years to complete.
Funding for the project has yet to be finalized.
A Germany company, Fraenhofer, has been chosen to act as a consultant for the project.
TBEA is a Chinese company.