Thursday, 26 April, 2018

Saudi Arabia and SoftBank plan world's largest solar project

SoftBank's Son says to create world's biggest solar power company in Saudi Arabia SoftBank CEO Masayoshi Son, Saudi Arabia to create world's biggest solar power generation project
Heather Davidson | 29 March, 2018, 02:07

If built, the farm would almost triple the country's electricity generation capacity, which stood at 77GW in 2016 and is comprised entirely of natural gas and oil.

The announcement could boost confidence in the crown prince's efforts to attract billions in foreign investment during his USA tour after the unprecedented arrest of hundreds of top figures in Saudi Arabia, including prices, business moguls and military officers previous year. The remainder will come from loans to be paid off via revenue that is generated through selling electricity that the huge solar project produces, said Son.

The solar panels for the project will be imported at first, but will later include a panel manufacturing and assembly site, according to Son.

The Saudi crown prince has been trying to wean the country off its addiction to oil and diversify the economy into new areas. "We have great sunshine, land and great engineers and labour", Prince Mohammed told reporters in NY, as quoted by Bloomberg.

Included in that would be training facilities, and a complete research and development center in order that new technology can continue to evolve.

By 2030 the kingdom expects solar panels with a capacity of 200GW to roll out across the Saudi Arabia, which is more than triple the UK's total installed power capacity. The remaining $10 billion could be in Saudi Electricity Company. If built, the development would nearly triple Saudi Arabia's electricity generation capacity, which stood at 77 gigawatts in 2016, according to BNEF data.

Son predicts that this project is going to create up to 100,000 jobs in the Kingdom and save it $40 billion in power costs.

The fund, which was at $93 billion, reached its target after raising $7 billion from US corporates and managers of the Vision Fund in the last few months, according to a source familiar with the fund. It was announced in NY after a Saudi-U.S. CEO forum held on the sidelines of the crown prince's multi-day tour across the U.S. The 32-year-old king-in-waiting and a Saudi delegation are cementing ties with the Trump administration and lining up American investors as the kingdom embarks upon an ambitious plan to diversify its economy.

In 2017, Saudi Arabia made a pledge of $45 billion for investing in tech companies across the globe, and is also attempting to create a home-based thriving startup scene. The fund is now closed.

Recommended

  • Another round of rain on the way

    Another round of rain on the way

    Easter Sunday will start off mostly cloudy and cold with temperatures around 30 degrees in the morning in the Denver area. Showers, or a wintry mix in some higher elevations, may threaten early Monday , otherwise it is dry into early Tuesday .
    Former Catalan Education Minister Ponsati Going to Surrender to UK Authorities

    Former Catalan Education Minister Ponsati Going to Surrender to UK Authorities

    Spanish national police said on Wednesday that two Catalan regional officers who were traveling with him had also been arrested. The former head of education policy in Puigdemont's government, Ponsati is an economics professor at the University of St.
    California sues Trump administration over citizenship query

    California sues Trump administration over citizenship query

    It helps determine the number of seats each state has in the House and how federal money is distributed to local communities. Commerce says that between 1820 and 1950, nearly every decennial census asked a question on citizenship in some form.
  • Apple (NASDAQ:AAPL) is Prudential Financial Inc.'s Largest Position

    Apple (NASDAQ:AAPL) is Prudential Financial Inc.'s Largest Position

    To measure price-variation, we found AAPL's volatility during a week at 2.19% and during a month it has been found around 1.75%. Icm Asset Management Inc Wa holds 3.35% of its portfolio in Nuveen Preferred and Income Term Fund for 114,505 shares.
    Be Prepared To Dodge More Rain This Week!

    Be Prepared To Dodge More Rain This Week!

    But, rain showers late Saturday is in the forecast along with some snow overnight into early Easter Sunday . However, clouds do look to come in for Sunday , which will help keep temperatures closer to 50 degrees.
    'Pacific Rim: Uprising' dethrones 'Black Panther' at weekend box office

    'Pacific Rim: Uprising' dethrones 'Black Panther' at weekend box office

    Midnight Sun opened in tenth place with $4.1 million and the new thriller Unsane finished in eleventh place with $2.8 million. It should end its domestic run at $85 million and will need more global money to make back its $100 million budget.
  • With second strain, flu season isn't over yet

    With second strain, flu season isn't over yet

    Still, the overall are numbers are not what they were at the flu season's peak around Christmas time or a little after. During that week, almost 58 percent of all lab-confirmed cases were caused by the B-strain, according to the report.
    Orange County To Take On State of California Over Sanctuary Laws

    Orange County To Take On State of California Over Sanctuary Laws

    California Attorney General Xavier Becerra and legal experts have argued that California's laws are different from Arizona's. The board's vote on Tuesday was heavily criticized by immigrant advocates. "The people of Orange County deserve better".
    Reaction: Duke assistant coach Jeff Capel heading to Pittsburgh

    Reaction: Duke assistant coach Jeff Capel heading to Pittsburgh

    For now, they'll settle for something resembling a competitive team after the worst season in the program's 113-year history. Capel previously served as head coach at VCU and Oklahoma , taking both schools to the NCAA tournament during his tenure.
  • Trump Dumps McMaster, Hires Bolton as National Security Advisor

    Trump Dumps McMaster, Hires Bolton as National Security Advisor

    The timeline was expedited as they both felt it was important to have the new team in place, instead of constant speculation. Still, bullying and blustering are permitted, if not encouraged, by President Trump - but dissent is less often allowed.
    Killing of Holocaust survivor, 85, causes shock in France

    Killing of Holocaust survivor, 85, causes shock in France

    Knoll's family told the news media that one of the suspects was a Muslim neighbor whom Knoll had known since he was a child. The body was found the same day a gunmen killed several people in an attack on a supermarket in southern France.
    French police officer who swapped himself for hostage dies

    French police officer who swapped himself for hostage dies

    "If that doesn't make him a hero, I don't know what would", Col Arnaud's brother Cedric told a French radio station on Saturday. Lakdim is believed to have hijacked a auto in Carcassonne at around 10am on March 23, 2018, killing one of the passengers.

Apple Pencil support is coming to the cheap, education-focussed iPad Apple Pencil support is coming to the cheap, education-focussed iPad The foldable phone is great for multitasking and gaming but the specs were not that spectacular. Apple is believed to be developing self-driving vehicle technology and not actual cars.

Johanna Konta out of world top 20 after defeat by Venus Williams Johanna Konta out of world top 20 after defeat by Venus Williams Three months before her 38 birthday, she was returning to the court after a 2hr 56min epic against Kiki Bertens the previous day. Like Konta, Ostapenko has also failed to hit the heights this year after a sensational French Open triumph in 2017.

LA police say recovered body likely missing model LA police say recovered body likely missing model The lawyer said Spotz then dropped Shabani off on the side of the freeway in the area and has not seen her since. The Los Angeles Police Department believes that missing aspiring model Adea Shabani may have been murdered.

3 elements must be satisfied for Giants to trade Beckham to Rams 3 elements must be satisfied for Giants to trade Beckham to Rams Drafted in 2014 from LSU as a round 1 pick at number 12 by the Giants , Beckham's future showed greatest in the NFL . Giants owner John Mara said that while Beckham might not be on the trading block, he is not an 'untouchable'.

Apple bids for education market with new iPad Apple bids for education market with new iPad Consumers can pre-order the new iPad starting today for $329 with 32 GB of storage, the same price as the previous iteration. And perhaps more ominously, a student who grows up using a Chromebook and Chrome OS gets comfortable with that platform.

Warriors' NBA Championship Odds Drop with Curry Injury Warriors' NBA Championship Odds Drop with Curry Injury Golden State is of course, not as dominant without Curry but even Warriors coach Steve Kerr knows that they can win without him . I would probably say that the Warriors would have the advantage, except for the fact that they are coming off of injuries.

Roseanne Barr Reveals Why a 'Roseanne' Revival Didn't Happen Sooner Roseanne Barr Reveals Why a 'Roseanne' Revival Didn't Happen Sooner He's talking about a movie, but the statement works for " Roseanne ", too. With a big smile she proclaims, "I was just overwhelmed". After hesitating, Barr responded, "Yeah, I was".

Cuomo faces backlash over comments made at Harlem church Cuomo faces backlash over comments made at Harlem church In response, Nixon took to Twitter in what is now one of her most-liked tweets of all time, accruing more than 330,000 favorites. Nixon said the only way to deal with a bully is to stand up and "send a message loud and clear that you will not be bullied".

Brazil Seeks Win Against Germany To Avenge World Cup 2014 Drubbing Brazil Seeks Win Against Germany To Avenge World Cup 2014 Drubbing Tite has been in charge of Brazil since 2016, but Felipe Scolari was head coach for the mauling by Germany at the last World Cup . Germany's draw with Spain was, for an hour, contested with the intensity and drama of a World Cup knock-out round game.

Withdrawals continue from Syrian rebels' shrinking Eastern Ghouta enclave Withdrawals continue from Syrian rebels' shrinking Eastern Ghouta enclave Russian Federation gave the group a few days before a military assault on the town, they said. Russian military police, but not Syria's army, would deploy there.

Netanyahu taken to hospital, spokesman confirms Netanyahu taken to hospital, spokesman confirms So far, partners in Netanyahu's governing coalition have stood by him, saying they are awaiting the attorney general's next moves. Reports indicate that Netanyahu did not require an ambulance and was transported to the hospital in his normal vehicle.

Samsung Announces 128GB Galaxy S9 & S9 Plus Models In India Samsung Announces 128GB Galaxy S9 & S9 Plus Models In India Otherwise if Note 9 repositioned fingerprint sensor as Samsung did on the S9, then there should not need to be too upset about it. The phone ships with several social features for the camera that lets users add live stickers to photos, live filters, etc.

China extends its influence on the crude oil market to pricing China extends its influence on the crude oil market to pricing Brent is slightly higher, while WTI is trading flat. "It's a China market, with Chinese characteristics", said Helmig. But the move to trade oil in yuan will diminish the role of the greenback in global financial markets, argues Briscoe.

Election Commission announce dates for Karnataka Assembly elections Election Commission announce dates for Karnataka Assembly elections On a day high on faux pas from the BJP, Rahul Gandhi took to Twitter to mock the two Amits of BJP - Shah and Malviya. Regarding politics , he said: "I had no role in Yogishgouda Goudar's wife Mallamma joining the Congress Party".

Arrival of North Korean Train in Beijing Triggers Speculation Arrival of North Korean Train in Beijing Triggers Speculation Relations between North Korea and China have been strained after Beijing imposed tougher sanctions on the hermit kingdom. Kim has summits planned with South Korean President Moon Jae-in in late April and with President Donald Trump by May.