March 28, 2018 Read More →

Sunny Saudi Arabia Plans a $200 Billion Bet on Solar

Bloomberg News:

The deal is the latest in a number of eye-popping announcements from Saudi Arabia promising to scale up its access to renewables. While the kingdom has for years sought to get a foothold in clean energy, it’s was only in 2017 that ministers moved forward with the first projects, collecting bids for a 300-megawatt plant in October.

At 200 gigawatts, the Softbank project planned for the Saudi desert would be about 100 times larger than the next biggest proposed development and a third more than what the global photovoltaic industry supplied worldwide last year, according to data compiled by Bloomberg New Energy Finance.

“It’s a huge step in human history,” Prince Mohammed said. “It’s bold, risky and we hope we succeed doing that.”

If built, the development would almost triple Saudi Arabia’s electricity generation capacity, which stood at 77 gigawatts in 2016, according to BNEF data. About two thirds of that is generated by natural gas, with the rest coming from oil. Only small-scale solar projects working there now.

Son said he envisions the project, which runs the gamut from power generation to panel and equipment manufacturing, will create as many as 100,000 jobs and shave $40 billion off power costs. The development will reach its maximum capacity by 2030 and may cost close to $1 billion a gigawatt, he said.

More: Saudi Arabia and SoftBank Plan World’s Largest Solar Project

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