Saudi Arabia with a Softbank group put the brakes on a $ 200 billion plan to build the world's largest solar power generation project, said government officials in Riyadh. These officials and a Saudi command adviser said no one was actively engaged in the initiative announced in March by the chief executive of the bank, Masayoshi Son, and the crown prince of Mohammed bin Salman, known as MbS.
If this were completed, the plan would turn the world's largest oil producer into a giant solar energy giant and eventually produce about 200 gigawatts of energy – more than three times the country's demand.
Instead, officials and advisers noted that the Saudi government is working on a broader and more practical renewable energy strategy, announced at the end of October, prior to an investment conference in Riyadh. The announcement helped created the mess by resolving the plan with SoftBank and clarifying the renewable government's energy targets, one of the sources said. (Dow Jones Newswires)