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SoftBank discussing 1.8-GW Saudi solar project - report

Solar park. Author: iamme ubeyou. License: CC0 1.0 Universal.

November 8 (Renewables Now) - Japan’s SoftBank Group Corp (TYO:9984) has early-stage plans to build a 1.8-GW solar power complex in Saudi Arabia, people with knowledge of the matter told Bloomberg.

The scheme’s total cost is estimated at around USD 1.2 billion (EUR 1.05bn) but is still not definitive and the size could be changed, or it could even be dropped, the report says. The plan is currently being discussed with banks and potential developers, the sources have said.

SoftBank and PIF announced in late March a Memorandum of Understanding (MOU) outlining their plan to install 200 GW of photovoltaic (PV) capacity in Saudi Arabia by the end of next decade for a total cost of USD 200 billion. A spokesperson for the PIF recently denied reports that work on the project had been suspended.

In a statement at the start of October, a PIF representative said that PIF, SoftBank Vision Fund and other parties continued to work “on a number of large-scale, multi-billion dollar projects relating to the solar industry, which will be announced in due course.”

(USD 1.0 = EUR 0.874)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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