The world’s biggest solar energy plant is going to be built in Saudi Arabia. The project, with a fund of $ 200 billion, will have an electricity generation capacity of 200 GW. This capacity can simultaneously supply electicity for 20 billion LED bulbs.
The project, announced by Masayoshi Son, CEO of SoftBank, the Japanese communication giant and Saudi Arabia’s crown prince Mohammed bin Salman, will be completed in about 10 years, and the short-term target is expected to be completed in 2030. The biggest funder will be the SoftBank Vision Fund of the solar energy plant with $ 93 billion.
With this mega project, the solar energy industry of Saudi Arabia is expected to gain momentum and expand. In addition to the solar power plant, the project, which will include training facilities and a R&D center, will continue to developments on solar technology. Although there is no official binding agreement yet, the parties have signed a protocol on the project.
The country, which aims to reduce its dependence on oil and create new economic areas, is planning a $ 500 billion new city and high-tech investments to support it. Saudi Arabia is highly ambitious on advanced technology, last year the country promised to invest a total of $ 45 billion to technology companies around the world.
The project, which is scheduled to start this year, will provide 100,000 jobs and add $ 12 billion to the country’s gross domestic product. The country, however, will save $ 40 billion in energy production costs.