SoftBank Group plans to build solar power plants in Saudi Arabia

SoftBank Group plans to develop a $1.
2 billion solar power plant project
in Saudi Arabia, according to the Bloomberg report.
It is understood that the project will generate 1.
8 gigawatts of electricity
.
SoftBank Group has begun preliminary talks with banks and developers to assess interest in
the facility.

According to people familiar with the matter, it said plans for the facility were in the early stages and that SoftBank Group could decide to change the size of
the plant.
The plant will be a pilot project
for Saudi Arabia's broader plan to build more solar power facilities.

SoftBank Group faces criticism
of its ties to Saudi Arabia after the murder of government critic Jamal Khashoggi.
Last month, the kingdom acknowledged that Khashoggi had been killed inside its consulate in Istanbul, sparking international outrage
.
The country's public investment fund is the largest investor in SoftBank Group's $100 billion Vision Fund because Masayoshi Son has a personal relationship
with Saudi Crown Prince Mohammed bin Salman.

A PIF fund spokesperson said in an emailed statement, "We will continue to work with the SoftBank Group Vision Fund and others on a range of large-scale projects
related to the solar industry.
" Specific projects will be announced in due course, including solar power generation
.
Currently, the country is moving forward with an overall renewable energy strategy, and Saudi Arabia aims to become a leading and reliable diversified renewable energy supplier
.
”

Back in March this year, Saudi Arabia and SoftBank Group signed a memorandum of understanding to develop a 200 GW solar power facility
.
SoftBank and PIF said last month they would continue to collaborate
on solar plans after the Wall Street Journal said its $200 billion development project was on hold.

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