Saudi Arabia to create world's biggest solar power firm

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

The fund has already invested in companies in the U.S., India and Europe. The first two solar parks will be able to generate 7.2 gigawatts of power and are scheduled to begin construction this year and start generating electricity in 2019.

The SoftBank founder Masayoshi Son, who is known for his ardent support for ambitious endeavors, presented the project at a ceremony in NY with the crowned Prince Mohammad Bin Salman Al Saud. There are now only a few small solar power projects in the country. The remainder will come from loans to be paid off via revenue that is generated through selling electricity that the huge solar project produces, said Son. It is also expected to save the kingdom $40 billion by obviating the need to burn domestically produced oil to generate power.

Masayoshi Son, who is known for backing ambitious projects, told reporters at a briefing that "the kingdom has great sunshine, great size of available land and great engineers, great labor, but most importantly, the best and greatest vision".

Saudi Arabia and Japanese conglomerate SoftBank set out plans to deploy 200GW of PV in the Middle Eastern kingdom by 2030. The $100bn fund is dedicated to technological investments and has poured money into industry disruptors like Uber, chipmaker Nvidia and Indian e-commerce giant Flipkart. The electricity demand in the country has grown by 9% a year since 2000. During the peak summer months, when temperatures soar past 120 degrees Fahrenheit, the kingdom burns about 700,000 barrels of oil a day for air conditioning.

Industry estimates say around 300,000 to 800,000 barrels per day of crude oil are burned for Saudi power generation.

"I think it's a waste of a resource to burn oil in a stationary application", Dale Klein, a former member of the Nuclear Regulatory Commission and professor of mechanical engineering at the University of Texas, said. It gets twice as many sunlight hours as Germany yet Germany has 1,700 times as much solar capacity.

The project is so big that it's expected to take more than a decade to finish. It's also trying to create a thriving startup scene at home.

Related news:

Hot News

isis-killer-beheading-video-story-top Is a foldable iPhone on the cards?
Mar 29, 2018 - 02:07
But the press event isn't expected to include any major announcements, like a dramatically redesigned iPhone or iPad . Next week's event will also provide an opportunity for Apple to boast about the work it's doing with Chicago schools.

isis-killer-beheading-video-story-top Scottish police arrest Catalan politician Clara Ponsati
Mar 29, 2018 - 02:03
Mr Puigdemont fled Spain to avoid arrest five months ago after the Catalan parliament's declaration of independence. Ms Ponsatí will appear before Edinburgh Sheriff Court for an initial extradition hearing this afternoon.

isis-killer-beheading-video-story-top Trump Considering Paying for Border Wall With US Military Budget
Mar 29, 2018 - 02:03
After a recent trip to see prototypes of the wall in California, Trump has grown more animated by the issue, advisers said. That means the new prototype designs the Trump administration is exploring can not be built.

isis-killer-beheading-video-story-top Roseanne Barr Reveals Why a 'Roseanne' Revival Didn't Happen Sooner
Mar 28, 2018 - 01:24
Darlene ( Sara Gilbert ) has children now and, yes, her daughter is such a clone you'll swear 20 years haven't passed. She said: 'We don't want [Mike] Pence! He's talking about a movie, but the statement works for " Roseanne ", too.

isis-killer-beheading-video-story-top 3 elements must be satisfied for Giants to trade Beckham to Rams
Mar 28, 2018 - 01:22
Beckham has indicated that he wants to be the highest paid player in the league. I think he knows what we expect of him, and now it's up to him".

isis-killer-beheading-video-story-top Cynthia Nixon Selling 'Unqualified Lesbian' Campaign Buttons for New York Race
Mar 28, 2018 - 01:22
Cuomo then singled out Hank Sheinkopf, a Jewish Democratic political consultant who was moving to the music in a front pew. A spokeswoman for the governor tells the New York Post Cuomo was just poking fun at a long-time friend.

isis-killer-beheading-video-story-top Trump names hawk Bolton as national security adviser
Mar 28, 2018 - 01:21
While the views of the president and his top advisers should be in alignment, the national security adviser has a special role. Bolton , a former US ambassador to the United Nations , advocates regime change in Iran and is opposed to the nuclear deal.

isis-killer-beheading-video-story-top Apple unveils $49 Logitech Crayon for use with all iPad tablets
Mar 28, 2018 - 01:21
Everyone Can Create is a new collection of free learning resources and teaching guides for the company's newly announced iPads. However, Apple has found it harder to compete in recent years as Google's cheaper, simpler Chromebooks grew in popularity.

isis-killer-beheading-video-story-top Kylie Jenner pulls down dressing gown for bare asset exposure
Mar 28, 2018 - 01:20
All in all, it's not too bad to be a new mom-at least if you are a famous celebrity with plenty of moolah at your disposal. Let's get checking out a bunch of times Kylie Jenner proved she was the Queen of selfies.

isis-killer-beheading-video-story-top Israeli Prime Minister Benjamin Netanyahu ill in hospital
Mar 28, 2018 - 01:16
In the two other cases police have already recommended that Netanyahu be charged with bribery. Netanyahu has denied any wrongdoing and says he is the victim of a witch hunt.

isis-killer-beheading-video-story-top EC Constitutes Panel to Probe Leak of Karnataka Poll Dates
Mar 28, 2018 - 01:12
Scrutiny of nomination papers will be held on April 25 while and the last day for withdrawing nomination will be April 27 . Election Commission will issue the poll notification on April 17 and the last date to file nomination is April 24 .

isis-killer-beheading-video-story-top Murder of elderly woman in Paris probed as anti-Semitic
Mar 28, 2018 - 01:11
Her son Alain Knoll told the broadcaster that she had lived all her life in the eastern 11th arrondissement (district) of Paris . But she adds that there's still "much more that needs to be done" to ensure the safety and security of Jewish people.

isis-killer-beheading-video-story-top China aims to challenge Brent, WTI oil with crude futures launch
Mar 28, 2018 - 01:10
At 9:24 a.m. (0224 GMT) prices were up 3.29 per cent at 430 yuan, with 19,122 lots, equal to 19.1 million barrels of oil, traded. Two of the world's biggest oil traders gave China's crude futures contract a go on its long-anticipated trading debut.

isis-killer-beheading-video-story-top Turkey targets Iraq's Sinjar to oust Kurdish rebels
Mar 27, 2018 - 17:49
In a joint news conference, Erdogan said that it would be a "grave mistake" for Europe to push Turkey out of its expansion policy. That is why Turkey should not be criticized for conducting these operations, he said.

isis-killer-beheading-video-story-top Messi to participate in match against Spanish national team
Mar 27, 2018 - 17:47
But Spain and Argentina fans hoping for a glimpse of him will be disappointed at the match in Madrid tonight. We have a debt with ourselves (the players). "We are not thinking too much about who we will be playing".