Saudi Arabia’s Crown Prince Mohammed bin Salman and Japanese investment giant SoftBank chief executive Masayoshi Son signed a preliminary agreement to create the world’s largest solar power generation project in the kingdom. The agreement plans a series of solar parks throughout the kingdom with a generation capacity of 200 gigawatts, enough to power 150m homes, aiming to spend $200bn by 2030. The project will create 100,000 jobs and generate $40bn in cost savings by substituting solar for oil to produce electricity. The first phase of the project will cost around $5bn and will begin this year. – Financial Times

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