Crown Prince Mohammed bin Salman and Masayoshi Son, CEO of Softbank, signed a contract on Tuesday to build the largest ever solar power company in the Kingdom.
Both parties are expecting to produce up to 200 gigawatts of solar power in Saudi Arabia by 2030.
This agreement comes amid crown prince Mohammed bin Salman’s visit to New York.
— Joyce Karam (@Joyce_Karam) March 26, 2018
In efforts to support a domestic solar industry in Saudi Arabia
Both parties have signed to explore the development of local solar storage systems and the establishment of special research and development of solar panel companies for the agreed 2030 deal.
A few of us Saudi watchers were called to the Plaza Hotel in New York for a midnight press briefing for the latest in the Saudi/SoftBank love fest — this time it’s all about a mega solar project: https://t.co/ruBG10xyGZ pic.twitter.com/5SqwbtXGOn
— Anjli Raval (@AnjliRaval) March 28, 2018
This will eventually support diverse sectors and the creation of advanced technology jobs in the Kingdom
It will also create almost 200,000 new jobs and increase the country’s GDP by US $12 billion.