Riyadh, Softbank partner for US$200bn solar deal

SoftBank probes insider role in star recruit's 2016 exit

So, 200 gigawatts is huge.

By 2030 the kingdom expects solar panels with a capacity of 200GW to roll out across the Saudi Arabia, which is more than triple the UK's total installed power capacity.

By investing in solar power, Saudi Arabia, the world's biggest oil exporter, can reduce the amount of crude it now uses to generate power and increase its overseas shipments.

The SoftBank founder Masayoshi Son, who is known for his ardent support for ambitious endeavors, presented the project at a ceremony in NY with the crowned Prince Mohammad Bin Salman Al Saud.

Son said the ample sunshine and land, as well as engineers and workers, make the foray into solar there lucrative.

The generation parks will be located around Saudi Arabia, as the kingdom attempts to move away from a reliance on oil and broaden its reach into tech. Initially, the solar panels will be imported.




Included in that would be training facilities, and a complete research and development center in order that new technology can continue to evolve. The country can shave off $40 billion power bills, he said as quoted by Bloomberg.

The announcement happened during the NY leg of Prince Mohammed's trip across the United States.

"Up until now, progress in building solar capacity in the kingdom has been very slow, but this deal might give it the kick start it needs".

Earlier on Tuesday, the Saudi-U.S. CEO Forum gathered American and Saudi business leaders in NY, where the kingdom announced about three dozen memorandums of understanding with U.S. firms, which are often the first step in establishing business ventures.

The Public Investment Fund (PIF) invested about $54 billion previous year according to data from the Sovereign Wealth Fund Institute.

"These two visions have come together to create clean, sustainable, low-priced and productive renewable energy", he said. The fund is now closed.

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