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29 Mar 2018, Gergana Bencheva, EMIS Editor

Saudi Arabia, SoftBank to develop world’s largest solar plant for USD 200bn

Saudi Arabia and Japanese conglomerate holding group SoftBank have joined hands to develop the world’s largest solar plant in a USD 200 billion project, Arabian Business reported. The facility, which will be situated in the Saudi desert, will have a capacity of 200 GW.

The deal boosts the relations between SoftBank and Riyadh as the kingdom seeks to diversify its economy and reduce its dependence on oil. According to SoftBank founder Masayoshi Son, the project will create some 100,000 jobs. The plant is due to reach its maximum capacity by 2030.

The Japanese group plans to invest some USD 25 billion in Saudi Arabia over the next three to four years. Its Vision Fund is also said to plan some USD 10 billion investments in state-controlled Saudi Electricity Co., Arabian Business added.

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