Saudi Arabia’s sovereign-wealth fund and Japan’s SoftBank Group Corp. announced plans to launch the world’s biggest solar-power-generation project, providing another ambitious goal for two of the world’s richest investors.
The development would start this year with a $1 billion investment from the joint Saudi-SoftBank Vision Fund, said Masayoshi Son, chief executive of SoftBank. It is expected to grow into a $200 billion behemoth that provides about 200 gigawatts of power by 2030, he added—more power than Saudi Arabia would...