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Saudi Arabia has found a replacement for oil
Material posted: Publication date: 30-03-2018
The key OPEC country, Saudi Arabia, decided to implement the largest project in the world in the field of solar energy together with the Japanese company Softbank it will build a solar power plant of equal capacity 200 nuclear reactors.

Thus Saudi Arabia has made a decisive step on the way to proclaimed in April 2016 purpose: to overcome by 2030 oil dependence, writes Deutsche Welle.

The project, designed over a decade to change the face of the national electricity industry, which is still based on oil, has launched its signature 32-year-old Saudi crown Prince Mohammad bin Salman al Saud.

The signing of the document with a Japanese billionaire, the founder and head of technology holding company Softbank Masayoshi Dream took place in new York on Wednesday, March 28, 2018.

The agreement provides for phased construction in Saudi Arabia of solar power plants with a total capacity of about 200 GW, which is comparable with 200 units of nuclear power plants.

"This is a big step for all mankind. He's bold and risky, but I hope that we will succeed," said Prince Salman, assessing the agreement.

It is assumed that in 2018, the import and the installation of solar panels will be invested about 5 billion dollars in 2019 could get to work two solar power plants with a capacity of respectively 3 and 4.2 gigawatts. They will be the largest on the planet.

Of these 5 billion $ 1 billion will provide created by a Japanese billionaire in 2016, the Softbank Fund Vision Fund, a partner of which is Prince Salman. It is known that the Fund has already invested in projects in USA, India and Europe. The remaining 4 billion will provide project financing.

It is expected that further funds for new investments, in large measure, will be able to generate handed over in exploitation of objects. So, part of the produced electricity will be exported. Total investment in the reorientation of Saudi Arabia in the solar industry can achieve by 2030 200 billion dollars.

"This is by far the biggest solar project in history," said Masayoshi Sleep after the signing of the agreement.

Japanese entrepreneur, who in 1990-ies one of the first major investors in the global Internet industry after the accident at Japanese nuclear power plant "Fukushima" in 2011, he became a determined opponent of nuclear energy and began to actively invest in Japan in the development of solar energy.
A plan agreed between the Saudi Prince and Sleep involves the development of Saudi Arabia's own production of solar panels, so they can replace the imported panel and then go to export.

Moreover, the head of Softbank believes that to establish production of competitive solar in Saudi Arabia will succeed in the next three years.

In the Saudi capital Riyadh expect that the creation and development of this new industry will provide employment to 100 thousand people and give a powerful impetus to the transition yet oil the national economy on high technology.

Natalia Anufrieva


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