SoftBank builds world's largest solar power plant

29 March, 2018, 02:08 | Author: Barbara Daniel
  • SoftBank founder Masayoshi Son said he envisions the project which runs the gamut from power generation to panel and equipment manufacturing as a way to help wean Saudi Arabia off its dependence on oil for electricity create as many as 100,000 jobs and

"However, there seems no obvious reason why 200GW by 2030 is impossible if Saudi Arabia needs the daytime electricity; the solar industry can deliver it, Softbank has an appetite for making investments", Chase continued by email.

"Saudi Arabia generally releases big numbers on long time frames, which are then subject to revision, and Softbank likes to announce big numbers too", said Bloomberg New Energy Finance solar analyst Jenny Chase in an email.

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.

SoftBank's Son added that the electricity produced in the first phase will be sold and that would help financers to earn money for the forthcoming stages.

SoftBank chief executive Masayoshi Son told reporters that the solar push is "by far the largest solar power project ever".

The deal deepens SoftBank's ties with the world's largest crude exporter and advances the crown prince's ambition to diversify Saudi Arabia's economy.

Included in that would be training facilities, and a complete research and development center in order that new technology can continue to evolve.

Saudi Arabia also plans to build at least 16 nuclear reactors over the next 25 years at a cost of more than US$80 billion.

Masayoshi Son said the project would create 100,000 jobs and reduce the cost of producing by 40 billion United States dollars.

The kingdom, which is one of the world's largest oil producers, estimates its local energy consumption will increase three-fold by 2030.

Saudi Crown Prince Mohammed Bin Salman is on a three-week tour of the U.S., his first visit since being designated the successor of his father, King Salman bin Abdulaziz.

The Public Investment Fund (PIF) invested about $54 billion past year according to data from the Sovereign Wealth Fund Institute. The project is also set to more than quadruple Saudi Arabia's solar capacity, which is now around 60GW.

The fund, which was at $93 billion, reached its target after raising $7 billion from USA corporates and managers of the Vision Fund in the last few months, according to a source familiar with the fund.

Recommended:



Popular

U.S. actress Sanaa Lathan denies biting Beyonce at a party
Celebrity news rarely *truly* shocks us. "I asked [husband] John yesterday, I was like, 'It's not me, is it?'" She not even drunk. Under no circumstances did I bite Beyonce and if I did it would've have been a love bite".

Death toll in Russian shopping mall fire reaches 64
Some theaters in Russian Federation reportedly lock doors after the movie starts screening to avoid ticketless viewers. An emergency services official confirmed on Sunday night that the missing people included 40 children.

Reaction: Duke assistant coach Jeff Capel heading to Pittsburgh
Maria Taylor, ESPN college basketball reporter, tweeted: "It's a done deal". The Panthers reached the NCAAs 11 times in 13 seasons under Dixon.

Giants coach expects Beckham to attend off-season program
The New York Giants superstar is entering final year of his current rookie deal and is determined to land a major bump in his wages.

NY looks to block census question on citizenship
Census data is used to determine where federal funds are spent and how congressional districts are drawn, among other uses. However, Ross said the commerce department was unable to determine how the citizen question would affect responsiveness.

85-year-old Holocaust survivor's murder heightens fears of anti-Semitism in France
Last Friday, Holocaust survivor Mireille Knoll, 85, was found dead in her apartment in Paris's central 11th district. We waited for police to say it, and now we know the truth.Until now, I haven't felt anti-Semitism in France.

Bolton Set To 'Clean House' At NSC, Ousting Dozens Of WH Officials
But this framing is built on a distortion that underplays just how risky Trump's evolution really threatens to become. On trade, the process leading up to Trump's decision to impose tariffs was a joke with no regard for specifics.

Europeans Join US In Kicking Out Russian Diplomats
And it is almost three times more than the expulsion of 23 Russian diplomats by Great Britain earlier this month. However, the White House said later it would like to have a "cooperative relationship" with Russian Federation .

I know I will be at Chelsea next year — Real Madrid target
Speaking in an interview with Ziggo Sports , Courtois said: "I am still proud to play at Chelsea and I want to achieve success". The Belgium goalkeeper told Sporza: "I have one year contract (remaining) and feel good at Chelsea ".

These Alleged Specs for the OnePlus 6 Shouldn't Surprise Anyone
While this price tag is more than earlier OnePlus phones, it still is a lot less than flagship devices from Apple or Samsung. Rumors claim that the Oneplus 6 smartphone will be a clone of the Oppo R15 , which has got a notch.