Softbank and Saudi Arabia to build largest solar plant in the world

SoftBank CEO Masayoshi Son, Saudi Arabia to create world's biggest solar power generation project

Japanese telecom investor Softbank and Saudi Arabia, announced the world's biggest solar power generation project at a press conference in NY.

Masayoshi Son unveiled the project in cooperation with Saudi Crown Prince Mohammed bin Salman.

Oil-rich - and sun-blessed - Saudi Arabia has pursued an increasingly ambitious renewables programme, including wind and solar tender rounds created to propel it to 9.5GW of renewable energy capacity by 2023.

Saudi Arabia previous year invited bids for a "utility-scale" 300 megawatt solar project, in a first for the world's top oil exporter. Although the kingdom has been endeavoring to enter the clean energy sector for years, it started working on the first projects only in 2017, gathering offers for a 300-megawatt plant in October. 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.

"This is a tremendous step in human history".

Nigeria complete first training in London ahead of Serbia friendly
Serbia had lost 1-2 to Morocco in their previous friendly match and needed a morale-boosting display against the Super Eagles . He will play in a three-man midfield alongside Joel Obi and Wilfred Ndidi .

By the numbers: now, the biggest planned solar facilities promise to generate up to 2 gigawatts of power.

Virtually all of Saudi Arabia's power comes from oil or natural gas. Out of this, about $15 billion could be potentially invested in Neom-a futuristic project that Saudi Arabia plans to erect on the Red Sea Coast.

The projects are expected to create an estimated 200,000 jobs in Saudi Arabia and increase GDP by $12 billion, as well as save an annual estimated amount of $40 billion. "We have great sunshine, land and great engineers and labour", Prince Mohammed told reporters in NY, as quoted by Bloomberg. That's a boost for Prince Mohammed, who's been at the forefront of the Vision 2030 campaign to diversify the kingdom's economy away from oil by that year.

The initial phase of the project, for 7.2 GW of solar capacity, will cost $5 billion, with $1 billion coming from SoftBank's Vision Fund and the rest from project financing, he said.

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