Italy’s Saipem has announced that it has signed a memorandum of understanding (MoU) with renewable energy company, Plambeck Emirates for the design and construction of a 500 MW floating offshore wind farm in Saudi Arabia. Phase one will commence in the coming weeks through Plambeck Saudi, located in Riyadh, according to a statement from them.

The company also added that it will sign a contract to carry out engineering, design, construction and installation of the wind farm after the finalisation of the financial agreements at the end of the planning phase of the project.

Francesco Balestrino, Renewables and Green Tech product manager of Saipem’s Xsight division said: “We believe that the wind market in Saudi Arabia can be supported by innovative solutions for the construction of offshore wind farms, such as the Saipem technology Hexafloat, with an accelerated programme and reduced costs.”

“Initiating the new market in Saudi Arabia is an important opportunity to be seized and we are ready with Plambeck for this new challenge”.

Norbert Plambeck, shareholder of Plambeck Emirates said in the statement that the development of floating offshore wind farm project is part of the new 5 GW Wind Market concept, which has been proposed to Saudi Arabia.

Saipem added that all the concerned partners will use their experience and know-how to carry out an innovative project, in line with Saudi Arabia’s Vision 2030, to promote the development of the country.