Saudi scraps $200bn solar project months after launch

The kingdom announced a partnership with SoftBank for the project in March



Saudi Arabia has reportedly cancelled a $200bn solar project with Japan’s SoftBank just months after launching it.

The two sides announced the mega development during Saudi Crown Prince Mohammed bin Salman’s visit to the United States in March.

It was expected to have the capacity to produce up to 200GW of capacity by 2030, with an initial phase of 7.2GW projected to cost $5bn.

Read: Saudi Arabia Shelves Work on SoftBank’s $200 Billion Solar Project

The Wall Street Journal cited sources as confirming no one was currently working on the project.

Instead the kingdom is expected to announce a more “practical” renewable energy plan at a Public Investment Fund conference this month.

Read: Saudi’s PIF announces plans for second investment conference

In February, the kingdom selected local firm ACWA Power for its first photovoltaic solar project.

The 300MW plant in Saraka is expected to require $300m of private sector investment and become operational next year.

The kingdom aims to generate 9.5GW of solar power annually by 2023.

Read: Saudi Arabia selects ACWA Power for 300MW solar project