Saudi Arabia, SoftBank ink deal on USD 200 billion solar project

Softbank has signed a deal with Saudi Arabia concerning a major solar power project in the country. "It's a huge step in human history," said Saudi Arabia's Prince Mohammed.

Photo: Hasan Jamali/AP/Polfoto/Arkiv

Saudi Arabia has signed a memorandum of understanding with SoftBank Group Corp. for a USD 200 billion solar power project in the kingdom, calling it the single largest of its kind in the world.

SoftBank founder Masayoshi Son said he envisions the project, which runs the gamut from power generation to panel and equipment manufacturing, as a way to help wean Saudi Arabia off its dependence on oil for electricity, create as many as 100,000 jobs and shave $40 billion off power costs. The total capacity to be built under its umbrella will be 200 gigawatts by 2030, the company said.

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