The Kingdom Public Investment Fund along with Japan’s SoftBank have already begun installing the utility-scale 200GW of solar power in the country.
Saudi Arabia’s energy minister Khalid al-Falih stated at a post-budget event that the Kingdom has started implementing an agreement with SoftBank Group’s Vision Fund to install 200 gigawatts of solar power in the country.
Saudi Arabia’s Public Investment Fund has agreed to invest $45 billion in the fund led by SoftBank.
The duo are working with other parties on a number of large-scale, multi-billion dollar projects relating to the solar industry.
Falih went on to add, Saudi Arabia’s PIF and players from the private sector will fund renewable energy projects in the kingdom.