Saudi shelves $200 billion SoftBank Solar project – WSJ

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Saudi Arabia has shelved a $200 billion plan with SoftBank Group Corp <9984.T> to build the world’s biggest solar-power-generation project, the Wall Street journal reported on Sunday, citing Saudi government officials.

No one is actively working on the project, and instead, the Saudi kingdom is working up a broader, more practical strategy to boost renewable energy, to be announced in late October, the WSJ reported.

SoftBank Chief Executive Masayoshi Son had announced in March a plan to invest in creating the world’s biggest solar power project in Saudi Arabia, a project expected to have the capacity to produce up to 200 gigawatts (GW) by 2030.

Softbank declined to comment.

(Reuters)

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