EnergyWatch

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.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Latest News

See all jobs