Tuesday 02, October 2018 by Kudakwashe

Saudi denies shelving SoftBank solar project

 

An official at Public Investment Fund (PIF) said that the firm continues to work with the SoftBank Vision Fund and other institutions on a number of large-scale, multi-billion-dollar solar projects.

Saudi Arabia's PIF said that a Wall Street Journal report that it had shelved a $200 billion plan with SoftBank Group Corp to build the world's biggest solar-power-generation project was incorrect, reported Reuters.

In a statement, PIF said that the Kingdom is moving ahead with its renewable energy strategy as part of the oil-rich country’s economic transformation plan.

Saudi Arabia and SoftBank signed a MoU in March to develop the solar power project, which is set to become larger than any other. 

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