If the farm is built, it would nearly triple Saudi Arabia's electricity generation capacity two-thirds of which is now accounted for by natural gas and the rest by oil.
"You have never seen something of this scale", he is reported as saying. SoftBank was said to be planning to invest as much as US$25 billion in Saudi Arabia over the next three to four years. 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 push into solar power is part of Saudi Arabia's ongoing strategy to reduce its dependence on fossil fuels.
Jeff Capel to be Named Pittsburgh Head Coach
Capel has been associate head coach at Duke since 2011, and he was easy to see a candidate to eventually succeed Mike Krzyzewski . It's been almost three weeks since Pitt fired coach Kevin Stallings, after a winless campaign in the ACC made it inevitable.
Turkey Summit: Handshakes but No Progress
Membership negotiations began in 2005, but have since stalled over a number of issues that Erdogan refuses to compromise on.
Ex-Liverpool Star Tips Salah To Challenge For Ballon d'Or
It can be a real struggle for some players to handle the move. "I am already looking at next year to see can he do it again". The Catalans are odds-on to reclaim the title while many consider them to be favourites for the Champions League as well.
Speaking about the possibilities offered by Saudi Arabia, Masayoshi said at the briefing, "The kingdom has great sunshine, great size of available land and great engineers, great labour, but most importantly, the best and greatest vision". It is also expected to save the kingdom $40 billion by obviating the need to burn domestically produced oil to generate power.
According to the statement, "The development of Saudi Arabia's solar energy sector is a core objective of Vision 2030, the Kingdom's blueprint for a modern and diversified economy". The announcement took place during Crown Prince Mohammed bin Salman's trip across the United States.
Last May, Softbank said it raised over $93 billion for the Vision Fund, the world's largest private equity fund with backers including Saudi Arabia's sovereign wealth fund, Apple Inc and Foxconn, formally known as Hon Hai Precision Industry. SoftBank's Vision Fund will give $1 billion for the first phase.