SoftBank Commits To World's Largest Solar Farm Worth $200 Billion

SoftBank Commits To World's Largest Solar Farm Worth $200 Billion

The deal is a step towards achieving the Crown Prince's ambition to diversify Saudi Arabia's economy. The remainder will come from loans to be paid off via revenue that is generated through selling electricity that the huge solar project produces, said Son. Adding 200 GW would create enormous excess capacity that could be exported to neighbours or used by industry, although the kingdom will still require other forms of power generation for night-time back-up.

Saudi Arabia has had renewable energy on the agenda for some time now, but it was only a year ago that ministers in the country implemented plans for the first projects. "The kingdom has great sunshine, great size of available land and great engineers, great labor, but most importantly, the best and greatest vision", Son told reporters.

In a midnight press briefing in NY the Crown Prince said that the kingdom will match $1bn in financing put forward by SoftBank to begin the first phase of the project later this year which aims to develop 7.2GW of installed solar power by 2019 with the help of debt financing.

Читайте также: Bruce: Chance for rain today

Mr Son said he envisions the project, which runs the gamut from power generation to panel and equipment manufacturing, will create as many as 100,000 jobs and shave US$40 billion off power costs. That's about how long it's anticipated it will take to build out all 200 gigawatts of the project. This is beneficial to Prince Mohammad Bin Salman Al Saud, who created Vision 2030 to reduce the country's dependence on crude oil.

SoftBank is said to have aimed to deploy as much as $15 billion in a new city called Neom that Prince Mohammed plans to build on the Red Sea coast. The first two solar parks will be able to generate 7.2 gigawatts of power and are scheduled to begin construction this year and start generating electricity in 2019. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, which has more than $224 billion in assets, spent about $54 billion on investments previous year.

SoftBank CEO Masayoshi Son established the Vision Fund, in concurrence with the Delta Fund set up to invest in Chinese ride-hailing firm Didi Chuxing, has funnelled $27.5 billion.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2018 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related Articles

  • Another round of rain on the way

    Another round of rain on the way

    Showers, or a wintry mix in some higher elevations, may threaten early Monday , otherwise it is dry into early Tuesday . Highs will be around 50 degrees both Thursday and Friday with cooler 40s both Saturday and Easter Sunday .

    Congress was client of Cambridge Analytica, says whistleblower Christophe Wylie

    Both the BJP and the Congress have accused each other of using the services of the data consultancy firm. You mentioned India as a prime source of business.
    Gun Manufacturer Remington Declares Bankruptcy Amid Low Sales and Sandy Hook Lawsuits

    Gun Manufacturer Remington Declares Bankruptcy Amid Low Sales and Sandy Hook Lawsuits

    Cerberus, which bought the company in 2007, tried to sell Remington just a week after Sandy Hook - but no-one wanted to buy it. The Madison, North Carolina-based company has 2,700 employees at seven USA manufacturing plants, according to court filings.
  • Remains found in shallow grave thought to belong to missing model

    Remains found in shallow grave thought to belong to missing model

    On Thursday, he led police on a chase after they tried to pull him over in LA before he fatally shot himself in the head. An autopsy on the body will be performed in which the identity, cause and manner of death will be determined.
    Logitech Crayon and Rugged Combo 2 enhance the iPad (2018) experience

    Logitech Crayon and Rugged Combo 2 enhance the iPad (2018) experience

    The detachable keyboard has been redesigned so the keycaps are pry-resistant in order to prevent keys from needing to be replaced. Both Logitech accessories will become available to US schools and school districts in the summer.
    Sanaa Lathan Denies Rumors She Bit Beyonce's Face at a Party

    Sanaa Lathan Denies Rumors She Bit Beyonce's Face at a Party

    Beyonce's representative, Yvette Noel-Schure, told GQ: "I absolutely can not comment on any of this, as I have no knowledge". The role solidified her career, and since then she's been on a non-stop rise to the top and has shown no signs of stopping.
  • North Korean train reportedly left Beijing

    North Korean train reportedly left Beijing

    But analysts said Kim may have sent a delegation of senior officials instead of visiting himself. North Korea, too, was silent on the issue.
    Warming Up But Staying Unsettled

    Warming Up But Staying Unsettled

    Saturday morning lows are forecast to be in the lower 50s with daytime highs anticipated to be in the mid 70s. There will be slow clearing for the late afternoon/evening which will give us a few hints at some sunshine.
    Democrats express fury over citizenship question in U.S.  census

    Democrats express fury over citizenship question in U.S. census

    Democrats are blasting the administration for its intention to ask whether people taking part in the census are USA citizens. House of Representatives and to distribute billions of dollars in federal funds to local communities.
  • Authorities give more details on Iowa family's death in Mexico

    Authorities give more details on Iowa family's death in Mexico

    The sister, Renee Hoyt, said the Sharps were scheduled to depart from the Cancun airport last Wednesday and fly to St. The attorney general says there were "no signs of violence nor evidence to suggest disturbances inside the room".
    'Pacific Rim: Uprising' Stronger Overseas, Opens to $150 Million Worldwide

    'Pacific Rim: Uprising' Stronger Overseas, Opens to $150 Million Worldwide

    It isn't doing much better overseas with another $2.3 million and just $14.1 million total in just 31% of worldwide territories. Fifth place went to the video-game movie " Tomb Raider ", which took in $10.4 million in its second weekend in theaters.
    Acer Chromebook Tab 10 - Features, Specifications, Design And More

    Acer Chromebook Tab 10 - Features, Specifications, Design And More

    Although this may seem to be the end of Android tablets, it still can run almost all the Android apps given the nature of the OS. Acer did not state the battery capacity but has mentioned that it will give you a battery life of up to 10 hours.