Saudi Arabia and Japan's Softbank to create world's biggest solar power project
Planned project is expected to have the capacity to produce up to 200 gigawatts of energy by 2030
Softbank Group has announced a $200bn (£141bn) investment to create the world’s biggest solar power project in Saudi Arabia through its Vision Fund private equity arm.
The Japanese conglomerate’s chief executive, Masayoshi Son, told reporters on Tuesday that the planned project is expected to have the capacity to produce up to 200 gigawatts (GW) of energy by 2030.
According to Reuters, that would add to around 400GW of globally installed solar power capacity and is comparable to the world’s total nuclear power capacity of around 390GW as of the end of 2016.
Read more Softbank chief signals interest in Uber and Lyft investment The deal will also fit into Saudi Arabia’s broader goal of diversifying economically and reducing its reliance on the often volatile oil industry – a programme it has dubbed Vision 2030.
The kingdom is one of the sunniest countries in the world but it is also ..