EDITOR’S NOTE: We want to bring you this exciting article via iCopyright, but have no control over their ads. Please know that GNN does not endorse the advertisements below…
SoftBank Group Corp’s Vision Fund will invest in creating the world’s biggest solar power project in Saudi Arabia, the group announced on Tuesday.
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.
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 $200bn, Son said.
The initial phase of the project, for 7.2 GW of solar capacity, will cost $5bn, with $1bn coming from SoftBank’s Vision Fund and the rest from project financing, he said.
Power capacity
Despite being one of the world’s sunniest countries, Saudi Arabia generates most of its electricity from oil-fired power plants.
Saudi’s entire installed power capacity is currently around 60 GW. Adding 200 GW would create…
Sasha Harriet
I have a crazy passion for #music, #celebrity #news & #fashion! I'm always out and about on Twitter.
Latest posts by Sasha Harriet (see all)
- 5 Takeaways About Theresa May’s (Sort of) Victory - December 13, 2018
- Michigan gets confirmation of 2nd case of paralyzing illness - December 13, 2018
- World’s Largest Shipping Company is Ditching Fossil Fuels and Challenging Their Competitors to Do the Same - December 13, 2018
More from Around the Web
