SoftBank, Saudi Arabia Announce Massive Solar Power Project

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

If built, the farm would almost triple the country's electricity generation capacity, which stood at 77GW in 2016 and is comprised entirely of natural gas and oil.

Reports suggest that SoftBank is probing what could be a shareholder-led smear campaign against two of its executives - Nikesh Arora (one-time heir apparent to SoftBank CEO Masayoshi Son) and Alok Sama (now the company's chief strategy officer).

The Vision Fund has funnelled $27.5bn into 20 tech firms as of the end of December, transforming SoftBank from a Japanese telecoms upstart into one of the world's biggest technology investors. Each park will have a 25-year power purchase agreement, a long-term contract to supply electric power to customers, which is common in the solar energy industry.

By 2030 the collaboration could yield 200GW of generation capacity including energy storage and Saudi-based manufacturing for PV modules.

Venus survives marathon battle against Bertens in Miami
Williams, ranked eighth in the world, laboured almost three hours to beat 29th-ranked Bertens 5-7, 6-3, 7-5. Stephens, the world number 12, will face Germany s Angelique Kerber for a place in the semi-finals.

Lionel Messi: Why is Barcelona star not playing for Argentina vs Spain?
Spain and Argentina are seen as two leading contenders at the World Cup in Russian Federation which runs from June 14 to July 15. At Juventus he plays just like me, we look for the same spaces.

Kenyan government tries to deport opposition politician again - lawyer
He remained there on Tuesday without access to his lawyer, Orengo said. "You can not take me from my country by force". A High Court subsequently overturned the deportation and ordered government to facilitate his return to the country.

SoftBank founder Masayoshi Son has a penchant for backing ambitious projects and the latest project to win his stamp of approval is what's billed as the "world's largest solar farm".

The project is consistent with Saudi Arabia's Vision 2030 - the Kingdom's long-term strategy to wean itself off oil revenues and diversify its economy. "The kingdom has great sunshine, great size of available land and great engineers, great labor, but most importantly, the best and greatest vision", Son told reporters.

The SoftBank's 200 gigawatts, which will be built in the Saudi desert, will be one hundred times larger than the next largest solar park project, and is expected to produce more than the total energy delivered by the global solar industry past year. The solar park has to reach its maximum capacity by 2030 and may cost almost 1 billion Dollars per gigawatt. It was announced in NY after a Saudi-U.S. CEO forum held on the sidelines of the crown prince's multi-day tour across the U.S. 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 a year ago. The SoftBank Vision Fund has already invested in companies in the U.S., Europe, and India. The fund is now closed.

Related news:

Hot News

isis-killer-beheading-video-story-top We Might See A Foldable Phone From Apple After iPhone 11
Mar 29, 2018 - 02:08
IPhone owners who mistakenly press buttons on the side of their phones too many times also mistakenly call emergency services. In recent years, Google and Microsoft have had success selling low-priced laptops and tablets to schools.

isis-killer-beheading-video-story-top APC NEC Stunned As Buhari Kicks Against Tenure Elongation For Oyegun
Mar 29, 2018 - 02:07
I think these should be allowed to go forward and all efforts should now be geared towards making them a great success. Some party bigwigs say fresh congresses in an election year may further tear the party apart and harm its chances.

isis-killer-beheading-video-story-top Wednesday morning First Alert forecast
Mar 29, 2018 - 02:06
Highs will be in the low 50s around lunchtime in the Denver area, with temperatures dropping into the low 40s by late afternoon. The rain will move out Thursday morning, but clouds and cool temperatures will once again linger across the area.

isis-killer-beheading-video-story-top Human remains likely to be of missing Hollywood actress
Mar 29, 2018 - 02:05
Sheriff's officials say Shabani suffered blunt force trauma to her head but an exact cause of death is still under investigation. Investigators weren't able to verify Spotz's account, he said, prompting Robbery-Homicide detectives to take over the case.

isis-killer-beheading-video-story-top Catalan Cause Ripples Across Europe With Surrender in Scotland
Mar 29, 2018 - 02:04
Spanish national police said on Wednesday that two Catalan regional officers who were traveling with him had also been arrested. The former education minister is wanted by Madrid on charges relating to her role in October's independence referendum.

isis-killer-beheading-video-story-top Clint Bowyer snaps 190-race winless streak
Mar 28, 2018 - 01:19
By happenstance, Tony Stewart announced he would retire following the 2016 season and the SHR co-owner needed a replacement. Stewart won SHR's first title in 2011, Kevin Harvick delivered a second in 2014 and almost a third the following year.

isis-killer-beheading-video-story-top Kylie Jenner Shares Fitness Goals In Sizzling Pre-Pregnancy Throwback
Mar 28, 2018 - 01:18
However her toning methods have not gone down well with everyone as she was recently slammed by fans for wearing a waist trainer . That's one hot momma! The new mum is already planning her summer body - and her new mane by the looks of things.

isis-killer-beheading-video-story-top Huawei P20 hands-on: New look and AI for the P series
Mar 28, 2018 - 01:17
If you think 512GB of storage and triple rear cameras are the only tricks up the sleeves of the Mate RS , then you are mistaken. With the dual-lens Leica camera, the P20 is pretty straightforward, but with the P20 Pro , things start to get a little nuts.

isis-killer-beheading-video-story-top Linda Brown, civil rights activist
Mar 28, 2018 - 01:13
Linda Brown Thompson, who as a young girl was the student at the center of the landmark Supreme Court case Brown v. She was an accomplished pianist and for 40-plus years provided musical accompaniment for several choirs at St.

isis-killer-beheading-video-story-top Karnataka Assembly election on May 12, counting on May 15: CEC
Mar 28, 2018 - 01:11
The polling will take place in a single phase election on May 12 while the counting will be done on May 15 . Karnataka has 4.96 crore voters and VVPAT will be used in the polls, the Chief Election Commissioner said .

isis-killer-beheading-video-story-top China eyes new yuan-denominated oil benchmark with futures launch
Mar 28, 2018 - 01:11
China has launched yuan-dominated crude oil futures , a major step in Beijing's years-long push to win greater sway over oil. Steep price rises relented when China intervened with tighter trading rules, higher fees and shorter trading hours .

isis-killer-beheading-video-story-top Box-Office Weekend: Black Panther Overthrown
Mar 28, 2018 - 01:11
Third place again belonged to I Can Only Imagine , which brought in $13.8 million to raise its domestic total to $38.3 million. It should finish off domestically with around $35 million, and on a $59 million budget that won't be a money-making total.

isis-killer-beheading-video-story-top United States adds citizenship question to 2020 census; AG Maura Healey will sue
Mar 28, 2018 - 01:10
In a statement, the Commerce Department pointed to previous census questions as justification for the shift. Schneiderman will lead a multi-state lawsuit challenging the question, he announced Tuesday.

isis-killer-beheading-video-story-top France strike causes travel disruption
Mar 27, 2018 - 17:28
French President Emmanuel Macron has seen his popularity slip to its lowest point since he took office, according to a new opinion poll published Friday.

isis-killer-beheading-video-story-top Qantas makes history as Perth inaugural lands in London
Mar 27, 2018 - 17:26
It also has a customised menu to help travellers cope with jetlag, including a bedtime drink of hot chocolate. Mena Rawlings, Britain's high commissioner to Australia, called the new service a "game changer".