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