Wednesday 03, October 2018 by Kudakwashe

Softbank says it is working with Saudi’s sovereign wealth fund

Japan’s SoftBank has announced that it is working closely with Saudi Arabia’s sovereign wealth fund on a solar power-generation project.

Japan’s SoftBank has announced that it is working closely with Saudi Arabia’s sovereign wealth fund on a solar power-generation project.

The statement dismisses a Wall Street Journal report that the Kingdom had shelved the $200 billion project.

In a statement, Softbank’s spokesperson said that the firm’s team has been working closely with the PIF and key government agencies for months to deliver on the New Solar Energy Plan 2030.

PIF said that the projects will be announced in due course.

SoftBank’s Chief Executive Masayoshi Son 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.

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