World biggest solar power station - CALIPHATE MEDIA

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Sunday, 8 April 2018

World biggest solar power station

Saudi Arabia to build the world biggest solar                                                                                      power station with funding from softbank.

It will cost $200 million

The project will be completed by 2030

Saudi Arabia To Build World Biggest Solar power plant 

Saudi Arabia last month signed a Memorandum of Understanding (MoU) with Japanese Fintech Group (Softbank) for the construction and installation of a $200 billion solar project in the oil- rich desert Kingdom .
The signing took place in New York and was signed by Softbank billionaire CEO, Masayoshi Son, and Saudi Crown Prince Mohammed bin Salman.

 The project will be the biggest in the world on completion.
The huge project will be partially bankrolled by the massive $93 billion SoftBank Vision Fund, of which Saudi Arabia is the biggest backer.
 Image result for saudi prince with softbank CEO

We are made to understand that the initial investment is $5 billion, of which $1 billion will come from the SoftBank fund.  While the balance will come from loans that will be paid off through revenue generated by selling electricity from the vast solar project but feasible and viable is this gigantic project going to be is a subject for another day.
The project is expected to be completed by 2030, which is more than a decade of construction and installation work. Though installation of the solar panels is planned to start this year, and the project should start producing electricity by the middle of next year.

 Its massive scale will create entire industries in Saudi for the manufacturing and installation of solar equipment.
“That will include training facilities and a research and development center, so the new technology will continue to evolve," Son said.
“The first solar panels will be imported from an established manufacturer, but all the equipment for the project will be manufactured in Saudi Arabia after the first couple of years”  Son Said.
 Image result for SOLAR POWER STATION
The project is expected to generate 200 gigawatts of energy, and will involve the construction of solar parks throughout Saudi Arabia and a large battery to store the energy so generated.

Saudi Arabia is presently diversifying it economy into new areas. Those efforts have included high-profile investments in technology and plans for a vast new $500 billion city.  The kingdom last year invested over $45 billion in technology companies around the world. It's also trying to create a thriving startup scene at home.
The Solar project is expected to create almost 100,000 direct and indirect jobs and will also help the Kingdom generate over $12 billion.

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