Softbank to develop world’s largest solar farm in Saudi Arabia

By Sophie Chapman
A Memorandum of Understanding (MoU) has been signed by Saudi Arabia and SoftBank Group Corp for the building of a 200MW solar farm.

A Memorandum of Understanding (MoU) has been signed by Saudi Arabia and SoftBank Group Corp for the building of a 200MW solar farm.

The solar power project is anticipated to cost US$200bn and will be located in the Saudi Arabia desert.

The project was announced on 27 March during a ceremony in New York, attended by the Crown Prince of Saudi Arabia, Mohammad Bin Salman Al Saud, Bloomberg reported.

The park will be 100 times larger than the world’s current largest solar project, with both Greece and Australia working towards 2GW photovoltaic (PV) projects.

“It’s a huge step in human history,” Bloomberg quotes Prince Mohammed stating.

SEE ALSO:

“It’s bold, risky and we hope we succeed doing that.”

The solar park is anticipated to create 100,000 jobs and save $40bn through power costs.

The construction is set more maximum capacity to be reached by 2030.

“The kingdom has great sunshine, great size of available land and great engineers, great labor, but most importantly, the best and greatest vision,” commented Masayoshi Son, CEO of SoftBank.

“SoftBank seeks investment and Saudi needs energy, so it may make sense to sort the financing out in a large block and then separately hammer out the phases and the technical details,” remarked BNEF’s Head of Solar Analysis, Jenny Chase.

“It is worth noting that many of these memorandums of understanding do not result in anything happening.”

Share

Featured Articles

Data Centre Demand Putting Pressure on Energy Capabilities

Utilities in the US are predicting a tidal wave of demand for data centres thanks to the boom of AI, which, in turn, will dial up the need for electricity

Q&A with Hitachi Energy’s EVP & Head of North America

Anthony Allard, who heads up Hitachi Energy as Executive Vice President and Head of North America, shares why the grid is holding us back from clean energy

OMV Takes Strides in Energy Efficiency & Emissions Reduction

Austrian multinational integrated oil, gas & petrochemical company OMV continues its sustainability mission, and reports Scope 1 & 2 emissions are down 25%

Q&A with RAIN Alliance President and CEO Aileen Ryan

Technology & AI

Who is Greg Joiner, the new Head of Shell Energy?

Oil & Gas

Watershed Workshop at Sustainability LIVE: Net Zero

Sustainability