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Saudi Arabia halts mega solar project with SoftBank – report

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Saudi Arabia halts mega solar project with SoftBank – report


October 1 (Solar) – Saudi Arabia has suspended work on a USD-200-billion (EUR 173bn) solar project with Japanese telecoms giant SoftBank Corp (TYO:9984), the Wall Street Journal reported over the weekend.

Citing Saudi government officials and a government adviser, the publication said that no one is actively working on the plan. Saudi Arabia is instead developing a broader, more practical strategy to promote renewable energy, according to the report. The strategy is to be unveiled in late October.

The ambitious solar project was announced in March. SoftBank and Saudi Arabia's sovereign wealth fund then signed a preliminary pact to form a solar power generation company that would install 200 GW of photovoltaic (PV) capacity in the kingdom by 2030. The solar project was described by the partners as the single largest of its kind in the world.

 (USD 1 = EUR 0.863)


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