If the farm is built, it would nearly triple Saudi Arabia's electricity generation capacity two-thirds of which is now accounted for by natural gas and the rest by oil.
By 2030 the collaboration could yield 200GW of generation capacity including energy storage and Saudi-based manufacturing for PV modules.
Speaking to journalists in New York, Softbank chief executive officer Masayoshi Son described the solar plan as the "by far the largest solar project ever", according to video of the event distributed by Bloomberg.
Sun to start Wednesday, isolated showers by afternoon
Rain will spread back into the area by Wednesday evening, with showers continuing through the night into Thursday morning. Friday night: A chance of rain showers before 3 a.m., then a chance of rain and snow showers between 3 a.m. and 4 a.m.
Saudi's government has been attempting to wean the kingdom off its oil addiction and diversify its economy into different areas.
"The kingdom has great sunshine, great size of available land and great engineers great labor, but most importantly, the best and greatest vision", Son told reporters at the briefing.
The total capacity to be built under its umbrella will be 200 gigawatts by 2030, the company said. Saudi Arabia is also seeking a role in solar research and development.
Son predicts that this project is going to create up to 100,000 jobs in the Kingdom and save it $40 billion in power costs.
A Warm Wave for Spring Break — FIRST ALERT WEATHER
The rest of the day will be mostly cloudy with the chance for a passing shower or two and highs near 50 degrees. Depending on the timing of a cold front we might be able to be relatively warm again on Saturday .
The announcement happened during the NY leg of Prince Mohammed's trip across the United States.
Earlier on Tuesday, the Saudi-U.S. CEO Forum gathered American and Saudi business leaders in NY, where the kingdom announced about three dozen memorandums of understanding with U.S. firms, which are often the first step in establishing business ventures. The 32-year-old king-in-waiting and a Saudi delegation are cementing ties with the Trump administration and lining up American investors as the kingdom embarks upon an ambitious plan to diversify its economy. The kingdom's sovereign wealth fund has reportedly committed $45 billion to the massive technology investment vehicle, which counts Uber, Nvidia and WeWork among its largest investments.
In the past year, the kingdom has signed a series of agreements with US and other foreign companies, but only a small number of deals have moved forward.
Softbank plans to invest roughly 950-million dollars in the project. The fund is now closed.
Nvidia Is the Latest to Suspend Self-Driving Car Tests
On May 18, a Volvo XC90 SUV equipped with Uber's autonomous vehicle system struck and killed a pedestrian who was crossing the road.