SoftBank Group Corp.'s Vision Fund will invest in a solar-power generation company in Saudi Arabia, creating the world's biggest solar producer, as it steps up its involvement in the kingdom, its chief executive said Tuesday.
The project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030, SoftBank's CEO Masayoshi Son told reporters in New York. That would add to around 400 GW of globally installed power capacity and is comparable to the world's total nuclear power capacity of around 390 GW as of the end of 2016.
The initial phase of the project for 7.2 GW of solar capacity will cost $5 billion, with $1 billion coming from SoftBank's Vision Fund and the rest from project financing, Son said.