Finance

SoftBank, Saudi Arabia to build $200-bn solar project

SoftBank, Saudi Arabia to build $200-bn solar project

Saudi Arabia's sovereign-wealth fund and Japan's SoftBank Group Corp. announced plans to launch the world's biggest solar-power-generation project, providing another ambitious goal for two of the world's richest investors. That's about how long it's anticipated it will take to build out all 200 gigawatts of the project.

The Japanese company's Vision Fund is also said to plan investments of as much as US$10 billion in state-controlled Saudi Electricity Co as part of efforts to diversify the utility into renewables and solar energy.

The solar power project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030.

CNBC reported that the project includes the building of solar parks, integrating battery technology, and constructing a massive new facility that will integrate solar equipment manufacturing.

Vision Fund also plans investing 10 billion Dollars in state-controlled Saudi Electricity as part of efforts to diversify electricity production with renewable energy and solar power.

The Softbank Vision Fund will begin a major investment partnership with Saudi Arabia that could see 200GW of solar generation capacity installed.

According to the statement, "The development of Saudi Arabia's solar energy sector is a core objective of Vision 2030, the Kingdom's blueprint for a modern and diversified economy".

This new project could create 100,000 jobs and expected to raise Saudi gross domestic product by $12 billion, according to a report. "The Kingdom has great sunshine, great size of available land, and great engineers".

In 2017, Saudi Arabia made a pledge of $45 billion for investing in tech companies across the globe, and is also attempting to create a home-based thriving startup scene.

The Public Investment Fund (PIF) invested about $54 billion past year according to data from the Sovereign Wealth Fund Institute.

Saudi Arabia also plans to build at least 16 nuclear reactors over the next 25 years at a cost of more than US$80 billion.


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