SoftBank Vision Fund, Saudi Arabia to create world's biggest solar power firm

NEW YORK: SoftBank Group Corp’s Vision Fund will invest in creating the world’s biggest solar power project in Saudi Arabia, it said on Tuesday, stepping up its involvement in the kingdom and expanding beyond technology.

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.

By investing in solar power, Saudi Arabia, the world’s biggest oil exporter, can reduce the amount of crude it currently uses to generate power and increase its overseas shipments. The move illustrates the commitment by the de facto Saudi ruler, Crown Prince Mohammed bin Salman, to transform the country’s economic status quo.

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 $200 billion, Son said.