Japan-based SoftBank Group Corp. announced a memorandum of understanding to pursue a $200 billion solar power project in Saudi Arabia. The project is in cooperation with the kingdom’s Crown Prince Mohammed bin Salman, a partner in the SoftBank Vision Fund.

The first phase will cost around $5 billion for 7.2 gigawatts (GW) of generating capacity that could enter service in 2019.

The Associated Press reports that the deal is the first big investment by the fund in Saudi Arabia.

The kingdom estimates its local energy consumption will increase three-fold by 2030, and has outlined an initial target of generating 9.5 gigawatts (GW) of renewable energy. Over the course of the next decade, the kingdom could build as much as 200 GW of renewable energy resources, reports say.

Solar panels for the project will be imported at first, but later will be built and assembled in Saudi Arabia, according SoftBank.