May 14 (Renewables Now) - Japanese telecoms giant SoftBank Corp (TYO:9984) and Saudi Arabia’s Public Investment Fund (PIF) are holding early-stage discussions with lenders regarding the Kingdom’s 200-GW solar power plan, Reuters reports.
One of two informed sources that spoke with the news agency has said that SoftBank and PIF have been discussing the matter with Saudi Arabian and international banks for the past few weeks, in an attempt to determine suitable financing options for a project that big.
The parties 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. The proposed solar project is estimated to cost USD 200 billion (EUR 167bn) and will be the single largest of its kind in the world. Its initial phase will be for 7.2 GW of plants that will require an investment of USD 5 billion, with USD 1 billion of that sum coming from Softbank’s Vision Fund.
(USD 1.0 = EUR 0.835)