Saudi crown prince signs MoU with SoftBank to set up world's largest solar project

The crown prince and the chairman of the board of Saudi Arabia’s public investment fund signed the memorandum with the chairman of vision Softbank to create "Solar Plan 2030," which is the largest in the world in the field of solar energy. (SPA)
Updated 28 March 2018

Saudi crown prince signs MoU with SoftBank to set up world's largest solar project

DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman has signed a memorandum of understanding (MoU) with SoftBank to establish the largest solar power plant in the world. It is set to produce 200 gigawatts in Saudi Arabia - enough to power 140 million homes, according to reports.
Construction work on the project will begin immediately and is expected to be completed in 2030.
The crown prince and the chairman of the board of Saudi Arabia’s Public Investment Fund signed the memorandum with the chairman of Softbank to create "Solar Plan 2030," which is the largest in the world in the field of solar energy.
This agreement is a new framework for the development of the solar energy sector in Saudi Arabia, under which a new solar power plant will be established.
Two solar plants with capacities of 3 gigawatts and 4.2 gigawatts respectively will be launched by 2019 while solar panels will be manufactured and developed in Saudi Arabia by 2030 holding capacities of 150 gigawatts and 200 gigawatts.


Iran will sell oil, break US sanctions, President Rouhani says

Updated 05 November 2018

Iran will sell oil, break US sanctions, President Rouhani says

  • US reimposed sanctions on Monday, but Iran pledges to defy them
  • Monday's actions mark an end to the 2015 nuclear deal reached under President Obama

DUBAI: Iran will sell its oil and break sanctions reimposed by the United States on its vital energy and banking sectors, Iranian President Hassan Rouhani told economists at a meeting broadcast live on state television on Monday.

“America wanted to cut to zero Iran’s oil sales ... but we will continue to sell our oil ... to break sanctions,” Rouhani said.

In May, US President Donald Trump pulled Washington out of world powers’ 2015 nuclear deal with Iran and reimposed a first round of sanctions on Iran in August.

The deal saw most international financial and economic sanctions on Iran lifted in return for Tehran curbing its disputed nuclear activity under UN surveillance.