Saudi Arabia and SoftBank to invest $200 billion in solar production


ACWA Power is expanding the production of solar panels in Saudi Arabia and becoming a leader in the development of the renewable energy industry in the country. The company is owned by a local government fund and plans to join the joint project of the fund and the Japanese SoftBank as an equipment manufacturer. The cost of the project, the capacity of which in 2030 will be 200 GW, is estimated at $200 billion. The key objectives of the project are the creation of jobs in the country and the development of industry according to the diversification plan for the Saudi Arabian economy.

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