Saudi Arabia, SoftBank to invest $200 bn in world's largest solar project

At 200 Gw, project would be 100 times larger than the next biggest proposed facility, and more than twice what global photovoltaic industry supplied last year

Saudi Arabia and SoftBank Group Corp. signed a memorandum of understanding to build a $200 billion solar power development that’s exponentially larger than any other project.

SoftBank founder Masayoshi Son, known for backing ambitious endeavors with flair, unveiled the project Tuesday in New York at a ceremony with Saudi Crown Prince Mohammed Bin Salman. The powerful heir to the throne of the world’s largest crude exporter is seeking to diversify the economy and wean off a dependence on oil.

The deal is the latest in a number of eye-popping announcements from Saudi Arabia promising to scale up its access to renewables. While