Saudi Arabia and Softbank Sign MOU to Build the World’s Largest Solar Project

Spotlight Activity: Saudi Arabia and Softbank Sign MOU to build the World’s Largest Solar Project

As part of Saudi Arabia’s 2030 ambitious plan to diversify the Kingdom’s economy away from oil, Saudi Arabia and SoftBank Group Corp. signed a memorandum of understanding to build the largest solar power development in the world. If built, the project will produce 200 gigawatts and create as many as 100,000 jobs. This project will cost $200 billion, but shave $40 billion off of power costs when it reaches its maximum capacity by 2030. It will also triple Saudi Arabia’s electricity generation capacity, which stood at 77 gigawatts in 2016. Most of that is currently generated by natural gas, with the rest coming from oil, and only a small portion coming from solar projects working. This is part of Saudi Arabia’s young Crown Prince Mohammed’s diversification goals for the Kingdom’s economy and weaning off of oil dependency.

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Status: Moving Forward

This is a tremendously good move by Saudi Arabia towards reducing its carbon emissions and dependence on fossil fuels. Not only has Saudi Arabia started to catch up with other countries’ commitment to adopt renewable energy, but it is now starting to lead the world by committing to build the largest solar power plant on record, 100 times larger in terms of energy generation than the next largest plant. Since a solar project of this scale has never been executed before, a company with the right expertise in solar energy needs be employed to ensure the success of a project of this scale. Moreover, if this project succeeds, it will prove that Saudi Arabia is capable of executing such projects. It will also enable the government to construct other new solar energy projects in other areas of the Kingdom in order to replicate this model, harvesting the abundant sunlight and the limitless potential for solar energy.

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Your message will be sent to:

H.E. Yasir Othman Al-Rumayyan
Managing Director at Saudi Public Investment Fund and External Director and Independent Officer at Softbank Group Corp
Email: media@pif.gov.sa or Info@pif.gov.sa or ir@softbank.co.jp

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