Source: Good News Network
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SoftBank Group Corp’s Vision Fund will invest in creating the world’s biggest solar power project in Saudi Arabia, the group announced on Tuesday.
The project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030, SoftBank Chief Executive Masayoshi Son told reporters in New York.
That would add to around 400 GW of globally installed solar power capacity and is comparable to the world’s total nuclear power capacity of around 390 GW as of the end of 2016.
The final investment total for the 200 GW of generation, including the solar panels, battery storage and a manufacturing facility for panels in Saudi Arabia, will eventually total around $200bn, Son said.
The initial phase of the project, for 7.2 GW of solar capacity, will cost $5bn, with $1bn coming from SoftBank’s Vision Fund and the rest from project financing, he said.
Power capacity
Despite being one of the world’s sunniest countries, Saudi Arabia generates most of its electricity from oil-fired power plants.
Saudi’s entire installed power capacity is currently around 60 GW. Adding 200 GW would create…
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