March 28, 2018 / 10:02 AM / a month ago

SMA Solar not involved in SoftBank solar project in Saudi Arabia

FRANKFURT, March 28 (Reuters) - SMA Solar, Germany’s largest solar group, is very active in Saudi Arabia’s solar market, its chief executive said, adding the group was so far not involved in a landmark project announced earlier by SoftBank Group Corp.

“I cannot confirm that we are in concrete talks (on the project),” Pierre Pascal Urbon told journalists at the group’s annual press conference, adding he was convinced that the Middle East would heavily increase its exposure to solar power.

SoftBank Group Corp’s Vision Fund earlier said it will 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.

The final investment total for the 200 GW of generation, including the solar panels, battery storage and a manufacturing facility for panels in Saudi Arabia, will eventually total around $200 billion, SoftBank Chief Executive Masayoshi Son said. (Reporting by Christoph Steitz Editing by Maria Sheahan)

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