200 gigawatts. $200 billion
The Saudi government's bold investment in solar power humbles the US, which, according to EIA data, is the country now leading it as no. 1 oil producer. The total capacity to be built under its umbrella will be 200 gigawatts by 2030, the company said.
This large-scale investment in solar power would reduce Saudi Arabia's reliance on oil, which is part of Saudi Crown Prince Mohammed bin Salman's Vision 3030 plan to diversify the country's revenue sources. "It's bold, risky and we hope we succeed doing that", Prince Mohammed said, according to the report.
Additionally, Son said, the country also has great engineers, labor and, most importantly, the best and greatest vision.
The announcement could boost confidence in the crown prince's efforts to attract billions in foreign investment during his United States tour after the unprecedented arrest of hundreds of top figures in Saudi Arabia, including prices, business moguls and military officers a year ago. Bin Salman addressed, during the meeting, the importance of these projects and their contribution to the future of the country and the region on the level of economic impact and welfare. This money will be put towards not only the ambitious solar energy development but into a new city called Neom, being built by the crown prince on the Red Sea coast.
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"This fits in with Saudi Arabia's push to restructure their economy and is not very surprising", said Tomoaki Kawasaki, an analyst at Iwai Cosmo Securities Co. This MoU and the projects are forecast to assist the provision of oil in energy production of the kingdom, which would reinforce the role of Saudi Arabia in supplying the world markets with oil.
The kingdom's deal-making has quickened as it pursues Prince Mohammed's diversification goals. According to data from the BNEF, Saudi Arabia generated about 77 gigawatts of electricity in 2016, of which approximately 60% was generated by natural gas and the rest from oil.
Last May, SoftBank announced 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 and Foxconn, formally known as Hon Hai Precision Industry (2317.TW). The U.S. and Saudi Arabia are developing an increasingly close partnership, encompassing everything from isolating Iran to bolstering business ties beyond energy into technology, defense and entertainment, according to top U.S. and Saudi officials.
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