Saudi-Softbank so­lar project on course

PIF is work­ing with Softbank on a num­ber of large-scale multi-bil­lion so­lar en­ergy projects

Utilities Middle East - - NEWS -

Saudi Ara­bia’s Pub­lic In­vest­ment Fund (PIF) has de­nied this week’s Wall Street Jour­nal (WSJ) re­ports that the King­dom had halted plans for a $200bn so­lar project with Softbank Vi­sion Fund.

PIF in­stead said that it was work­ing with Softbank and other en­ti­ties on a num­ber of largescale multi-bil­lion so­lar en­ergy projects.

In a state­ment, PIF re­futed the WSJ re­port as in­ac­cu­rate and said that it would an­nounce the so­lar projects in due course.

“Plans to de­velop a lead­ing cham­pion for the in­dus­try re­main on-track and in-line with the time­line that would be an­tic­i­pated for projects of this scale and am­bi­tion,” PIF said, with more than $250bn in as­sets.

WSJ re­ported early this week that Saudi Ara­bia was said to have “shelved” plans to build the $200bn with Ja­pan’s Softbank in favour of a broader re­new­able en­ergy strat­egy.

Ac­cord­ing to the re­port,“no one is ac­tively work­ing on the project”, with the king­dom in­stead fo­cused on de­vis­ing a “broader, more prac­ti­cal” strat­egy to boost re­new­able en­ergy, adding that a plan for this was ex­pected to an­nounced later this year.

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