Work starts on 200GW Saudi Ara­bia - Soft­bank so­lar plan

Utilities Middle East - - NEWS -

Saudi Ara­bia has al­ready started im­ple­ment­ing an agree­ment with Soft­Bank Group’s Vi­sion Fund to pro­vide 200 gi­gawatts of so­lar power in the king­dom, en­ergy min­is­ter Khalid al-Falih said at a post­bud­get event.

The king­dom’s Pub­lic In­vest­ment Fund agreed to in­vest $45 bil­lion in the gi­ant tech fund led by Soft­Bank and the pair are work­ing with other par­ties on a num­ber of large-scale, multi-bil­lion dol­lar projects re­lat­ing to the so­lar in­dus­try. The PIF and pri­vate sec­tor will fund re­new­able en­ergy projects in the king­dom, Falih said. Soft­Bank Chief Ex­ec­u­tive Masayoshi Son had an­nounced in March a plan to in­vest in cre­at­ing the world’s big­gest so­lar power project in Saudi Ara­bia, a project ex­pected to have the ca­pac­ity to pro­duce up to 200 gi­gawatts (GW) by 2030. In Oc­to­ber, Soft­Bank said it was work­ing closely with Saudi Ara­bia’s sov­er­eign wealth fund on a so­lar power-gen­er­a­tion project, dis­miss­ing a Wall Street Jour­nal re­port that it had shelved the project. “Progress con­tin­ues to be in line with ex­pec­ta­tions for a project of this scale and com­plex­ity,” a Soft­Bank spokesman said.

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