Mar 28, 2018

Saudis and SoftBank go big on solar

Ben Geman

Saudi Crown Prince Mohammed bin Salman signed the agreement Tuesday night. Photo: Bryan R. Smith/AFP/Getty Images

Saudi Arabia's sovereign wealth fund and the SoftBank Group Corp. of Japan announced plans last night for what would become the world's largest solar power project in the kingdom, developing 200 gigawatts of new solar power capacity by 2030, the Wall Street Journal reports.

Why it matters: If the plan actually comes to pass, well, that's a lot of solar. By way of comparison, the U.S. added a total of 10.6 GW of new solar PV capacity last year, according to a recent industry report. Plus — it also underscores Saudi Arabia's efforts to diversify its oil-dependent economy.

One level deeper: Saudi Crown Prince Mohammed bin Salman and SoftBank CEO Masayoshi Son jointly announced the plan in New York.

  • According to the WSJ and other reports, the total costs are estimated at $200 billion, with an initial $5 billion stage beginning construction this year that's designed to bring 7.2 GW online in 2019.

Huge: Bloomberg points out Saudi Arabia only has small-scale solar projects there now. And, Reuters has more good context on the project's projected scope.

  • "That would add to around 400 GW of globally installed solar power capacity and is comparable to the world’s total nuclear power capacity of around 390 GW as of the end of 2016," Reuters writes.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 1,237,420 — Total deaths: 67,260 — Total recoveries: 252,944 — Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 312,762 — Total deaths: 9.132 — Total recoveries: 15,044 — Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment."
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state "literally going day-to-day" with supplies.
  6. Work update: Employees still going to work face temperature checks, distanced work stations, protective devices and mass absences.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
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