March 28, 2018 / 4:01 AM / 7 months ago

SoftBank's Son says to create world's biggest solar power company in Saudi Arabia

NEW YORK, March 27 (Reuters) - SoftBank Group Corp’s chief executive said on Tuesday he has signed a memorandum of understanding with Saudi Arabia to create the world’s biggest solar power generation company in the kingdom.

Speaking in New York, Masayoshi Son said he expected the solar project to have the capacity to produce up to 200 gigawatts by 2030.

Last May, SoftBank announced it raised over $93 billion for the Vision Fund, the world’s largest private equity fund with backers including Saudi Arabia’s sovereign wealth fund, Apple and Foxconn.

Son is pursuing his vision of a future powered by interconnected devices and artificial intelligence. He established the Vision Fund, which, in conjunction with the Delta Fund set up to invest in Chinese ride-sharing firm Didi Chuxing, has funnelled $27.5 billion into 20 tech firms as at the end of December. (Reporting by David French; Writing by Minami Funakoshi)

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