SoftBank and Saudi Arabia Planning Largest Solar Project Ever

SoftBank and Saudi Arabia Planning Largest Solar Project Ever

If built, the farm would almost triple the country's electricity generation capacity, which stood at 77GW in 2016 and is comprised entirely of natural gas and oil.

The first solar panels will be imported from an established manufacturer, Son said, but all the equipment for the project will be manufactured in Saudi Arabia after the first couple of years.

The initial investment is $5 billion, of which $1 billion will come from the SoftBank (SFTBF) fund.

SoftBank's Son added that the electricity produced in the first phase will be sold and that would help financers to earn money for the forthcoming stages.

Expanding into renewable energy is a key part of Saudi Arabia's Vision 2030, a plan spearheaded by Prince Mohammed to diversify the nation's oil-dependent economy. The solar park has to reach its maximum capacity by 2030 and may cost almost 1 billion United States dollars per gigawatt.

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Madison, North Carolina-based Remington told investors on March 23 that it had negative operating cash flow of $7.4 million. The bankruptcy filing comes at a similar time in history, one that delayed the company's bankruptcy filings.

Speaking about the possibilities offered by Saudi Arabia, Masayoshi said at the briefing, "The kingdom has great sunshine, great size of available land and great engineers, great labour, but most importantly, the best and greatest vision".

Included in that would be training facilities, and a complete research and development center in order that new technology can continue to evolve. "But 200 GW by 2030 though, that's another question", Kiernan said. The country can shave off $40 billion power bills, he said as quoted by Bloomberg.

Saudi Crown Prince Mohammed Bin Salman is on a three-week tour of the U.S., his first visit since being designated the successor of his father, King Salman bin Abdulaziz. The Saudi state-owned investment fund, which has assets over 224 billion Dollars, invested around 54 billion Dollars past year.

The fund, which was at $93 billion, reached its target after raising $7 billion from US corporates and managers of the Vision Fund in the last few months, according to a source familiar with the fund.

Last May, Softbank said it raised over $93bn for the Vision Fund, the world's largest private equity fund with backers including Saudi Arabia's sovereign wealth fund, Apple Inc and Foxconn, formally known as Hon Hai Precision Industry. The fund is now closed.

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