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Business deals

Saudi Arabia to build giant solar farm jointly with SoftBank

Project will account for 15% of global solar power capacity in 2030

Saudi Crown Prince Mohammed bin Salman and Masayoshi Son, SoftBank Group Corp. Chairman and CEO, attend the Future Investment Initiative conference in Riyadh in October 2017.   © Reuters

TOKYO -- Saudi Arabia will construct one of the largest solar farms in the world on its sun-drenched soil by teaming with Japan's SoftBank Group, investing $200 billion to create a massive 200 gigawatts in power generation capability by 2030.

The solar farm project, announced Tuesday by the Middle Eastern kingdom. will be one of the largest that the world has ever seen, SoftBank Chairman and CEO Masayoshi Son told reporters in New York.

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