SoftBank Group Corp.’s Vision Fund and Saudi Arabia have signed a memorandum to build a $200 billion solar power development.
The projects planned for the Saudi Arabia desert will be 100 times larger than the next biggest planned development, according to Bloomberg. The project is expected to produce 200 megawatts of power by 2030.
If the project were to be built, it would almost triple Saudi Arabia’s electricity generation capacity, which was at 77 gigawatts in 2016, according to BNEF data. Two thirds of that is generated by natural gas while the rest comes from oil.
The project aligns with the Crown Prince Mohammed bin Salman, a partner in the SoftBank Vision Fund. The fund has previously invested in companies in the United States, India and Europe.
