SOFTBANK GROUP CORP. AND SAUDI ARABIA HAVE SIGNED A MEMORANDUM OF UNDERSTANDING TO BUILD A 200 BILLION DOLLARS SOLAR POWER PLANT.

Softbank Group Corp. and Saudi Arabia recently signed a memorandum of understanding to spend $200 billion to build a solar power plant. The project which will be the largest in the world is expected to reach it’s full capacity of 200 gigawatts by 2030. According to the report, 100,000 jobs would be created through the project, Saudi Arabia’s electricity generation capacity will triple and $40 billion in power costs will be saved. Saudi Arabia is trying to diversify its economy aside oil which the kingdom is the largest  exporter of crude oil in the world. Saudi Arabian government awarded ACWA Power a $302 million contract in February 2018 to build Saudi Arabia’s first utility-scale renewable energy plant. Softbank Group Corp. has other contracts in the kingdom (Saudi Arabia) which includes a $93 billion tech investment fund.