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Saudi Arabia's $200bn solar park with Japan's Softbank 'shelved'

"No one is actively working" on Solar Power Project 2030, according to a Reuters report

Saudi Arabia has reportedly 'shelved' the solar project it planned to build with Japan's Softbank [representational image].
Saudi Arabia has reportedly 'shelved' the solar project it planned to build with Japan's Softbank [representational image].

Saudi Arabia is said to have “shelved” plans to build a solar park worth $200bn (SAR750bn) with Japan’s Softbank in favour of a broader renewable energy strategy, according to a Reuters report, citing the Wall Street Journal.

According to the Reuters report, “no one is actively working on the project”, with the kingdom instead focused on devising a “broader, more practical” strategy to boost renewable energy. The plan is expected to be announced in late October, according to the Reuters report, citing WSJ.

Saudi Arabia’s Crown Prince-led Public Investment Fund (PIF) was said to have joined Softbank to develop Solar Power Project 2030 this March. The project, upon completion, would have been the world’s largest solar park. Feasibility studies for the project were due to complete in May 2018.

HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Minister of Defense, and the Chairman of Board of Directors of PIF, signed the project’s memorandum of understanding with Softbank's group chairman and chief executive officer, Masayoshi Son, at the time.

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Construction Week - Issue 754
Nov 23, 2019