Saudi Arabia Closes Deal with SoftBank for Massive Solar Farm Project

Saudi Arabia, whose entire energy production industry is based on oil and natural gas has recently approved a project to construct a massive solar farm. When the construction will be completed, the kingdom will be capable of producing over 200 gigawatts of electric energy per year. SoftBank was announced as the kingdom’s major investor.

Massive Solar Farm Output to Topple Worldwide Production

During a recent press statement, Masayoshi Son, the founder, and CEO of SoftBank has announced that his institution will financially support Saudi Arabia’s plan of switching to renewable energy sources. Son also declared that although SoftBank isn’t capable of supporting the project’s full costs, it will give the kingdom a good start towards using solar power for producing electricity instead of natural gas and oil.

According to the recently released project details, the solar farm built on Saudi Arabia’s territory will be the biggest power-producing facility in the world. Estimates place the solar farm’s power output to 200 gigawatts per year.

This means that the kingdom’s ambitious project will be able to produce one-third more solar-based energy than the entire photovoltaic industry.

Although everything sounds good on paper, it would appear that the kingdom will have to cough up approximately $200 billion for this all-green project. The CEO of SoftBank declared that the company is ready to invest roughly $93 billion in the massive solar farm.

It’s far from covering the expenses of the entire project, but it can at least fund the initial costs.

Conclusion

Saudi Arabia’s solar farm project is not exactly a new initiative, the draft sitting on the Ministry’s table for some time before getting approved. However, taking into account that Saudi Arabia relies heavily on fossil fuels and natural gases to keep its electric industry afloat, this kind of project will not only solve the upcoming energy crisis but will also create countless job opportunities.

Image source: Pixabay

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