SoftBank mulls $1.2bn solar plant in Saudi Arabia

By Olivia Minnock
Japanese tech giant SoftBank is planning to develop a $1.2bn solar power plant in Saudi Arabia, according to reports by

Japanese tech giant SoftBank is planning to develop a $1.2bn solar power plant in Saudi Arabia, according to reports by Bloomberg.

The plant is to be located to the north of Riyadh and is set to produce 1.8GW worth of power, Bloomberg reported, citing unknown sources as the plans are still at the preliminary talk stage.

However, this seems to reflect an increasing relationship between SoftBank and the Middle Eastern nation, as well as an increasing focus on renewable energy by the Japanese firm.

See also:

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

Dubai expands solar park, bringing total investment to $4.3bn

Read the latest issue of Energy Digital!

In March, SoftBank signed a Memorandum of Understanding to develop 200GW of solar power facilities in Saudi Arabia. Saudi Arabia’s Public Investment Fund (PIF) is the largest investor in SoftBank’s Vision Fund, a $100bn investment fund with a focus on fast-growing technology companies.

 Further, last month it was announced SoftBank is working closely with Saudi Arabia’s sovereign wealth fund on a solar project, for which $200bn has been put aside from PIF.

A key element of Saudi Arabia’s Vision 2030 is to diversify the country’s economy and reduce its traditional dependence on oil.

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy