gpolit.com
gpolit.com April 21, 2018


Softbank Vision Fund to seed investment in 200GW of Saudi Arabian solar

29 March 2018, 01:18 | Kenneth Drake

SoftBank's Son says to create world's biggest solar power company in Saudi Arabia

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

Japanese telecom investor Softbank and Saudi Arabia, announced the world's biggest solar power generation project at a press conference in NY.

The deal was signed in presence of Saudi Crown Prince Mohammed bin Salman who is on a United States visit.

In May 2017, SoftBank Vision Fund gathered over $93 billion from a group of investors including Saudi Arabia's Public Investment Fund, Mubadala Investment Company, Apple Inc. and Foxconn Technology Group.

According to Softbank, the deal calls for building solar power plants in Saudi Arabia by 2030 for 200-billion dollars. The project is so huge that it will support the manufacturing kingdom, said SoftBank CEO Masayoshi Son.

"You have never seen something of this scale", he is reported as saying. The project seeks to develop and produce solar power in Saudi Arabia to generate electricity, therefore reducing reliance on oil. "The Kingdom has great sunshine, great size of available land, great laborers, and great engineers", "But most importantly it has the greatest vision", Son added. There are now only a few small solar power projects in the country. It is also expected to save the kingdom $40 billion by obviating the need to burn domestically produced oil to generate power.

The agreement deepens SoftBank's ties with the Saudi Arabia, and advances the crown prince's ambition to diversify its economy.

The announcement happened during the NY leg of Prince Mohammed's trip across the United States. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, which has more than US$224 billion in assets, spent about US$54 billion on investments previous year.

According to Bloomberg, the construction of such a large facility will require an investment of $200 billion.

It will cost $5 billion with $4 billion coming from financing and $1 billion from Softbank's Vision Fund.



Other News

Trending Now

Six year old free trade agreement overhauled by United States and South Korea
Seoul also agreed to recognize US standard for auto parts and reduce some labelling requirements that burdened USA manufacturers. The deal was hailed by the officials as innovative and visionary and one that may inform future negotiations as they arise.

Winter Storm Warning, Watch issued for parts of area starting tonight
The border between rain and snow will be splitting the Triad, with better snow chances north, and all rain chances south. Skies are forecast to turn sunny again on Monday , but there is another chance of rain on Wednesday and Thursday .

Israeli PM Netanyahu hospitalized with fever
According to a Jewish People Policy Institute survey of 3,000 respondents, 97 percent of Israelis Jews say they either. Netanyahu maintains he is innocent and has denounced allegations against him as a media and police witch hunt.

Technology helps Dow make biggest gain since August 2015
Finish Line vaulted 29.9 per cent after the sporting goods retailer agreed to be bought by JD Sports Fashion PLC. After leaping more than 660 points on Monday, the Dow industrials ended down by 344 points, or 1.4 percent.

Mueller Says Trump Aide Knowingly Communicated With Former Russian Spy
The op-ed was submitted to the Kyiv Post, an English-language Ukrainian media outlet, which declined to publish it. Brian Bonner, the editor, told Bloomberg the op-ed was "highly suspicious" and "blatantly pro-Manafort".

Mysterious train in Beijing triggers Kim Jong-un visit speculations
On Tuesday afternoon, a vehicle convoy led by a motorcycle escort headed in the direction of Beijing's main railway station. She visited South Korea for the Winter Olympics last month, paving the way for a summit between the two Koreas.

Pogba delivers as France beat World Cup hosts Russian Federation
The impressive Pogba then won and lined up a free-kick on 49 minutes, curling over the wall and into the bottom corner past Lunev. Pogba smashed in a superb free-kick shortly after half-time, while setting up Kylian Mbappe to open the scoring before the break.

Special prosecutor offers update on Michigan State University investigation
He supervised ex-USA Gymnastics physician Larry Nassar , who has been sentenced to prison for sexually abusing female gymnasts. Olympic Committee, USA Gymnastics and the university failed for years to investigate complaints.

As Uber bows out, Grab is the only choice
And at the same time, Uber is also taking the heat in the form of high marketing expenses, required to keep up with Grab . The deal was dismaying to many in Asia who have often compared the rival apps in search of the best deal.

Grab to offer Uber services from April 9 in Southeast Asia
Ride-hailing companies throughout Asia have relied heavily on discounts and promotions , driving down profit margins. The deal marks Uber's second retreat from an Asian market and will see the firm take a 27.5 percent stake in Grab.