SoftBank, Saudi Arabia to create World’s Biggest Solar Power Project. Saudi Arabia and Japanese telecom giant-turned-tech investor SoftBank Group Corp. have expanded their partnership to create a massive solar power generation project.
On Tuesday, at a press conference in New York, Chief Executive of SoftBank Masayoshi Son made the announcement that SoftBank, Saudi Arabia to create World’s Biggest Solar Power Project. Son said that it has signed a memorandum of understanding on Tuesday evening to build a $200 billion biggest solar power project in Saudi Arabia.
Masayoshi Son unveiled the project in cooperation with Saudi Crown Prince Mohammed bin Salman. The SoftBank Vision Fund has already invested in companies in the U.S., Europe, and India.
The project is expected to build out all 200 gigawatts of the project by 2030, Masayoshi Sons said. According to the Solar Energy Industries Association kept large-scale projects’ list, there are roughly 70 gigawatts of solar capacity in under development or construction in the United States which will start generating electricity in 2019.
It will cost $5 billion with $4 billion coming from financing and $1 billion from Softbank’s Vision Fund.
“This kind of a project would never have been feasible without the big vision we shared with the crown prince,” Son told reporters.
“These two visions have come together to create clean, sustainable, low-cost and productive renewable energy,” he said. “The Kingdom has great sunshine, great size of available land, great laborers, and great engineers,” “But most importantly it has the greatest vision,” Son added.
This new project could create 100,000 jobs and expected to raise Saudi gross domestic product by $12 billion, according to a report.