In one of the recent developments, a massive step has been taken for uplifting the solar industry on a global scale. SoftBank Group Corp. of Japan and the Saudi sovereign wealth fund made an announcement concerning their new solar project by 2030. This project is expected to be approximately 100 times large in size than most of the projects across the globe. A nonbinding agreement was signed in New York between the CEO of SoftBank Masayoshi Son and the Crown Prince of Saudi Mohammed bin Salman. The initial investment of the project will be $5 billion and is slated to come online by the end of 2019.
Solar Project to Generate Promising Sales and Job Vacancies in Near Future
Considering the growing demand for electricity and the massive requirement for oil, this project is projected to cut electricity costs by $40 billion in the near future. In addition to this, more than 100,000 job vacancies will be created in the course of this project, benefiting the overall economy.
According to the reports presented by the Wall Street Journal, this solar project will be debt-financed and beyond that, the expected electricity sales will generate enormous revenues for further expansion. The Crown Prince of Saudi Arabia announced that the project is risky and bold; however, it will be a huge step in the human history if they succeed. The size of the project is quite extraordinary in size, some of which is online, being developed, or under construction across the U.S. at present.