SoftBank Group and Saudi Arabia plan to spend $200 billion building the world’s biggest solar power

[Viacheslav]

SoftBank Group Corp., known for splashy deals involving billions of dollars (see: its Vision Fund and investments in Uber and Didi), has signed a memorandum of understanding with Saudi Arabia to build a $200 billion solar power plant. Expected to reach its full capacity of 200 gigawatts by 2030, the development will be the largest of its kind in the world by far.

According to data compiled by Bloomberg New Energy Finance, the Saudi Arabian project is about 100 times larger than the next biggest proposed development, the 2 gigawatt Solar Choice Bulli Creek PV in Australia, which is expected to be completed by 2023.

During an event with Saudi Crown Prince Mohammed Bin Salman in New York City on Tuesday (pictured above), Son said the project will create 100,000 jobs, triple Saudi Arabia’s electricity generation capacity and save $40 billion in power costs. Saudi Arabia is the largest crude exporter in the world, but the kingdom is currently trying to diversify its economy beyond oil. Last month, the government awarded ACWA Power a $302 million deal to build Saudi Arabia’s first utility-scale renewable energy plant.

After the 2011 Fukushima nuclear meltdowns, clean energy projects became one of Son’s passions, with SoftBank also investing in wind and solar energy projects in Mongolia and the Asia Super Grid, an extremely ambitious renewable transmission energy project spanning several Asian countries.

SoftBank’s other deals in Saudi Arabia include a $93 billion tech investment fund that was announced in May 2017, with backing by the Vision Fund and Saudi Arabia’s Public Investment Fund.

SoftBank Group and Saudi Arabia plan to spend $200 billion building the world’s biggest solar power plant

The capacity of 200 gigawatts is an incredible value, but I do not understand why Saudi Arabia needs such a huge amount of energy.

 

[frigidweirdo]

SoftBank Group Corp., known for splashy deals involving billions of dollars (see: its Vision Fund and investments in Uber and Didi), has signed a memorandum of understanding with Saudi Arabia to build a $200 billion solar power plant. Expected to reach its full capacity of 200 gigawatts by 2030, the development will be the largest of its kind in the world by far.

According to data compiled by Bloomberg New Energy Finance, the Saudi Arabian project is about 100 times larger than the next biggest proposed development, the 2 gigawatt Solar Choice Bulli Creek PV in Australia, which is expected to be completed by 2023.

During an event with Saudi Crown Prince Mohammed Bin Salman in New York City on Tuesday (pictured above), Son said the project will create 100,000 jobs, triple Saudi Arabia’s electricity generation capacity and save $40 billion in power costs. Saudi Arabia is the largest crude exporter in the world, but the kingdom is currently trying to diversify its economy beyond oil. Last month, the government awarded ACWA Power a $302 million deal to build Saudi Arabia’s first utility-scale renewable energy plant.

After the 2011 Fukushima nuclear meltdowns, clean energy projects became one of Son’s passions, with SoftBank also investing in wind and solar energy projects in Mongolia and the Asia Super Grid, an extremely ambitious renewable transmission energy project spanning several Asian countries.

SoftBank’s other deals in Saudi Arabia include a $93 billion tech investment fund that was announced in May 2017, with backing by the Vision Fund and Saudi Arabia’s Public Investment Fund.

SoftBank Group and Saudi Arabia plan to spend $200 billion building the world’s biggest solar power plant

The capacity of 200 gigawatts is an incredible value, but I do not understand why Saudi Arabia needs such a huge amount of energy.

The Saudis are probably looking at a retirement fund, for when oil stops being so important. Invest while you can, and hope it pays off when oil won't.

 

[Old Rocks]

Europe needs the power. The Saudi's are smart enough to realize that exporting oil is simply exporting energy, and they have a huge energy potential in the sun. So they can continue exporting energy by using the sun.

 

[martybegan]

Europe needs the power. The Saudi's are smart enough to realize that exporting oil is simply exporting energy, and they have a huge energy potential in the sun. So they can continue exporting energy by using the sun.

Until they perfect superconducting technology the only developed country they would be able to reach via power transmission lines at an acceptable power loss ratio would be (lol) Israel.

 

[Viacheslav]

Europe needs the power. The Saudi's are smart enough to realize that exporting oil is simply exporting energy, and they have a huge energy potential in the sun. So they can continue exporting energy by using the sun.

There is a big problem, this is the distance between Saudi Arabia and Europe. At such distances, the energy losses will be enormous. But if cheap and high-temperature superconductors are invented, it will change our world, as has already been done by the invention of electricity.

 

[Old Rocks]

This can be done with high voltage DC lines.

Pacific DC Intertie - Wikipedia

 

[martybegan]

This can be done with high voltage DC lines.

Pacific DC Intertie - Wikipedia

HVDC is better than AC, but the Pacific line is only 1/2 the size of what would be needed just to reach Athens. and that is by direct route, not the probable winding path the line would have to take due to political issues in the area.