Riyadh – Mubasher: Saudi Arabia on Wednesday announced the beginning of implementing an agreement with SoftBank Group Corp’s Vision Fund to establish the world’s largest solar power firm in the oil-rich kingdom, the energy minister said.
The state-owned Public Investment Fund (PIF) and the private sector are to finance renewable energy projects, Khalid al-Falih told Reuters.
The official further noted that the project’s production capacity is set to be 200 gigawatts (GW), giving no further details on its investment cost.
On 28 March, the Saudi Crown Prince Mohammed bin Salman signed a memorandum of understanding (MoU) with Japan-based SoftBank Group Corp’s Vision Fund to establish the world’s largest solar power firm in the oil-rich kingdom.
In October, Saudi Arabia’s sovereign wealth fund unveiled plans to inject an additional $45 billion in investments in SoftBank’s Vision Fund during the coming period.
