Saudi Arabia and SoftBank Group Corp have joined hands to build the world's largest solar project worth $200 billion in the kingdom that could generate 200 gigawatts by 2030.
The deal is another major Saudi project that promises to boost its access to renewable energy sources.
The project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030, SoftBank Chief Executive Masayoshi Son told reporters in NY.
"It's a huge step in human history", Prince Mohammed said. The solar panels will be manufactured and developed in the Kingdom with a capacity of 150 gigawatts and 200 gigawatts by 2030. The massive scale of this project will create complete industries in Saudi Arabia for the manufacturing as well as installation of solar equipment.
The plants are expected to have a total capacity of 200 gigawatts - equivalent to that of about 200 nuclear reactors.
Virtually all of Saudi Arabia's power comes from oil or natural gas.
Softbank plans to invest roughly 950-million dollars in the project.
From a year ago, Softbank is planning to work on several projects with Saudi Arabia which includes developing a new business "Neom" and industrial city in the country. The project seeks to develop and produce solar power in Saudi Arabia to generate electricity, therefore reducing reliance on oil.
The Kingdom has accelerated the pace of deals in pursuit of the diversification targets of Price Mohammad Bin Salman Al Saud.
The cost of the two parks will be about $5 billion, with $1 billion coming from Softbank's Vision Fund and $4 billion from project financing.