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 post-budget 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 in a written statement then.