Riyadh - Mubasher: The government of Saudi Arabia and SoftBank Group have signed a memorandum of understanding (MoU) to construct a solar power park that is expected be the biggest in the world with investments of $200 billion.
Saudi economic reforms continue with various efforts to diversify the kingdom’s economy and reduce dependency on oil imports.
The solar complex will generate 200 gigawatts (GW), spanning over the Saudi dessert to be around 100 times larger than the next biggest proposed development, as reported by Bloomberg,
It will also have more than double the capacity generated by the global photovoltaic industry last year.
The Saudi economy will greatly benefit from the development with created jobs forecasted to exceed 100,000, and the energy bill saving around $40 billion.
SoftBank previously expressed plans to invest about $25 billion in Saudi Arabia over the next three to four years.
