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Saudi Arabia and Softbank sign deal to create massive solar power project

Last updated: 15:46 28 Mar 2018 EDT, First published: 10:46 28 Mar 2018 EDT

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it will be the planet's largest solar project

Saudi Arabia, the globe's biggest oil exporter, has teamed up with Japan's Softbank Group (TYO:9984) on a multi-billion solar power project for the Kingdom.

It will be the world's largest and the first phase of the project, beginning in 2018, will cost around US$5bn, with 7.2 gigawatts of power being generated in  2019.

The aim is to invest US$200bn by 2030 to generate about 200 gigawatts from the series of giant solar parks, which would provide enough for 150mln homes. 

“It’s by far the biggest solar project ever,”said  SoftBank chief executive Masayoshi Son at a news conference on Tuesday night in New York, after signing a nonbinding agreement with Saudi Arabia’s Crown Prince Mohammed bin Salman.

Prince Mohammed, who is aiming to grow Saudi's business away from just oil, said it was a "huge step in human history".

Saudi Arabia’s public investment fund and the SoftBank Vision Fund will put up betwen 10  and 20% equity investment for each solar park, it was reported.

The rest of the funds will be raised through project financing. 

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