Saudi Arabia PIF rejects claims it will shelve $200bn solar generation project
- October 3, 2018
- Category: Investment and Finance, Asia
The Saudi Arabia Public Investment Fund (PIF) has moved swiftly to reject claims in the US media that it is planning to shelve SoftBank’s $200 Billion Solar Project .
SoftBank is planning to build the world’s largest solar power project with enough capacity to power 140 million homes, creating the capacity to generate up to 200 gigawatts (GW) by 2030.
A spokesperson for the Public Investment Fund (PIF) said that the Wall Street Journal article titled ‘Saudi Arabia Shelves Work on SoftBank’s $200 Billion Solar Project’ is inaccurate.
The spokesperson added that the Public Investment Fund continues to work with the SoftBank Vision Fund, and other parties, on a number of large-scale, multi-billion dollar projects relating to the solar industry, which will be announced in due course.
An earlier announcement in March 2018 by PIF clearly stated that this includes solar generation projects and joint plans to develop large-scale solar panels manufacturing facilities in Saudi Arabia for solar power generation. This will be complemented by R&D and training components.
The spokesperson added:
“These 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.”
Alongside this, the Kingdom is continuing to move forward with its overall renewable energy strategy, through which Saudi Arabia aims to be a leading and reliable diversified supplier of renewable energy.
In line with Vision 2030, the Ministry of Energy, Industry and Mineral Resources is undertaking a program in coordination with the Kingdom’s stakeholders to transform the power sector, and ensure it is more competitive, efficient and sustainable, underpinned by a strong pipeline for private sector participation.