- Public Investment Fund (PIF) of Saudi Arabia has called WSJ report on shelving 200 GW solar power project ‘inaccurate’
- It claims the project is on-track and in-line with the timeline anticipated for a project of this magnitude
- According to the PIF, it 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 that will be announced in due course
In a brief message, the Public Investment Fund (PIF) of Saudi Arabia has rubbished the Wall Street Journal’s (WSJ) recent report regarding the 200 GW solar power project that it plans to develop with Japan’s SoftBank. WSJ had reported that the two partners have put the project on hold and that there has been no active development on it post the announcement in March 2018, citing Saudi government officials.
A memorandum of understanding (MoU) for this massive project was signed between SoftBank Group Chairman and CEO Masayoshi Son and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz in March 2018 (see 200 GW PV Capacity In Saudi Arabia?).
According to WSJ, Saudi Arabia is looking at a broader and more practical strategy to boost renewable energy, details of which are to be shared in late October 2018 at an investment conference in Riyadh, which is expected to be the second annual edition of the Future Investment Initiative by the PIF.
Now the PIF says the WSF report is ‘inaccurate’ and that it ‘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’. These will be announced in due course, it stated.
The partnership between the two entities will span solar power generation projects and joint plans to develop large-scale solar panels manufacturing facilities in Saudi Arabia for PV power generation, complemented by 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,” reads the statement from PIF.
Without sharing any details, the PIF said the country’s Ministry of Energy, Industry and Mineral Resources is undertaking a program in line with Vision 2030 to transform the power sector with active participation from the private sector.