British renewables firms are preparing to compete for a multi-million dollar windfall by snapping up contracts to develop wind, solar and power storage projects in Saudi Arabia through the kingdom’s $50bn renewables drive.

Within weeks the world's largest producer of oil will launch a tender process for an ambitious renewable energy program which is expected to involve investment of between $30bn and $50bn by 2023 to help kick its addiction to fossil fuels.

The Saudis are planning to shift their power sector towards renewables, which is less expensive than its oil-burning power plants, in order to meet its rocketing demand for power which is increasing at a rate of 8pc every year.

Already UK renewable energy firms are preparing to compete for a share of the funding pot in what could prove a crucial test of the sector’s ability to export world-leading technology and skills.