Saudi PIF denies shelving $200 bln Softbank solar project

Saudi Arabia's Public Investment Fund (PIF) on Monday refuted a Wall Street Journal report that it had shelved a $200 billion plan with SoftBank Vision Fund to build the world’s biggest solar project, calling the news "inaccurate."

"The PIF 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, which will be announced in due course," the sovereign wealth fund said in a statement.

The March 2018 announcement stated that this includes solar generation projects and joint plans to develop large-scale solar panels manufacturing facilities in Saudi Arabia for solar power generation, PIF added.

"This will be 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."

Additionally, the Kingdom is moving ahead with the overall renewable energy strategy, through which Saudi Arabia aims to be a leading and reliable diversified supplier of renewable energy.

In March, Saudi Crown Prince Mohammed bin Salman and SoftBank CEO Masayoshi Son signed a memorandum of understanding in March between PIF and the $100-billion SoftBank Vision Fund to establish the world’s biggest solar power generation project in the Kingdom.