Some of the leading investors SoftBank Group Corp and Saudi sovereign wealth fund have announced their forecast plans to construct a largest solar project that will hold a capacity of 200 gigawatts by 2030. This project is claimed to be the 100x massive compared to the projects at present.
SoftBank CEO, Masayoshi Son, said, “It is the largest solar project so far.” He made this statement at a conference held in New York after inking the agreement with Mohammed bin Salman (MbS), Saudi Crown Prince.
With the initial investment of $5 Billion, at the initial phase, it would produce 7.2 GW and is believed to be live by 2019.The key factor behind this aggressive and massive solar-based development led by Saudi Arabia is the never-ending source of heat through Sun. With the use of fossil for power generation, it is ultimately impacting the environment and oil levels exports. CEO of SoftBank stated that with the creation of this highly capable solar project that will hold a capacity of 200 GW would effectively reduce the electricity expense by $40 Billion and create more than 100, 000 jobs.
He also affirmed that looking at the size of the construction it would solely help to create a domestic solar manufacturing industry at domestic level in Saudi Arabia. This project won’t instantly integrate energy storage, but it will eventually.
The accomplishment of this project would benefit MbS in terms of strategy, economic diversification, and employment and probably become a cornerstone for long-term economic stratagem. However, observing every perspective of the project, it appears to be an ambitious and revolutionary project. But at the end, one question revolves around of how the project will be funded. According to the Wall Street Journal, the overall project will be debt-financed.