September 30, 2018 / 6:45 PM / 22 days ago

Saudi shelves $200 billion SoftBank Solar project: WSJ

(Reuters) - Saudi Arabia has shelved a $200 billion plan with SoftBank Group Corp (9984.T) to build the world’s biggest solar-power-generation project, the Wall Street journal reported on Sunday, citing Saudi government officials.

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

No one is actively working on the project, and instead, the Saudi kingdom is working up a broader, more practical strategy to boost renewable energy, to be announced in late October, the WSJ reported on.wsj.com/2NW8wlH.

SoftBank Chief Executive Masayoshi Son had announced in March a plan to invest in creating the world’s biggest solar power project in Saudi Arabia, a project expected to have the capacity to produce up to 200 gigawatts (GW) by 2030.

Softbank declined to comment.

Reporting by Ismail Shakil in Bengaluru and Tom Arnold in Dubai. Editing by Jane Merriman

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