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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.

Go deeper

Biden will reverse Trump's attempt to lift COVID related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.