Saudi Arabia, SoftBank ink deal for largest solar power plant in the world

Saudi Arabia’s Crown Prince Mohammed bin Salman has signed a memorandum of understanding with SoftBank to set up the largest solar power plant in the world that could generate 200 gigawatts to power 140 million homes, reports say. Construction work on the $200 billion project will begin immediately and is expected to be completed in 2030. In the first phase, two solar plants with capacities of 3 gigawatts and 4.2 gigawatts respectively will be launched by 2019. SoftBank’s Vision Fund will provide $1 billion for the first phase. The sale of electricity produced by the first phase of the project would help finance successor stages. Solar panels would be imported initially. A factory to produce these panels locally will be set up in two to three years.