Saudi Arabia Shelves $200 Bln SoftBank Solar Project

(RTTNews) - Saudi Arabia has shelved a $200 billion plan with Japan's conglomerate SoftBank Group Corp (SFTBF.PK) to build the world's biggest solar-power-generation project.

According to Wall Street Journal, citing Saudi government officials, the Kingdom is no longer actively working on the project. Instead, the Saudi kingdom is working up on a broader, more practical strategy to boost renewable energy, to be announced in late October around the time of an investment conference in Riyadh.

In March, SoftBank had announced its partnership with Saudi Arabia to create the world's biggest solar power generation company in the kingdom. An MoU was signed between Saudi Arabia's Public Investment Fund and the SoftBank Vision Fund.

Softbank CEO Masayoshi Son, in a press conference in New York, had said he expects the solar project, which is estimated to cost $200 billion through 2030, to have the capacity to produce up to 200 gigawatts.

The shelving of the solar project marks a setback for a partnership between Saudi Arabia and SoftBank. Both of them have created a $100 billion fund for investing in technology startups.