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UPDATE – S Arabia says work continues on mega solar project with SoftBank

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UPDATE – S Arabia says work continues on mega solar project with SoftBank


October 2 (Solar) – A spokesperson for the Public Investment Fund (PIF) of Saudi Arabia denied reports that work has been suspended on a USD-200-billion (EUR 172.5m) solar project, in which the kingdom is partnering with SoftBank Corp (TYO:9984) of Japan.

The Wall Street Journal reported over the weekend, citing Saudi government officials and a government adviser, that no one is actively working on the plan. In a statement on Monday, the PIF representative says that such articles are "completely inaccurate" and that the PIF, SoftBank Vision Fund and other parties continue to work “on a number of large-scale, multi-billion dollar projects relating to the solar industry, which will be announced in due course.”

The ambitious solar project, combining solar power generation and plans for large-scale photovoltaic (PV) panel manufacturing capacities in Saudi Arabia, was announced in March 2018. The plan also includes R&D and training components.

“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,” says the PIF statement, without disclosing any specific details.


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