Saudi Arabia's Public Investment Fund (PIF) has already started implementing an agreement with SoftBank Group’s Vision Fund to provide 200 gigawatts of solar power in the Kingdom, Reuters reported on Wednesday, citing Energy Minister Khalid Al-Falih.

 

"The PIF and private sector will fund renewable energy projects in the Kingdom," he added.

 

The sovereign wealth fund agreed to invest $45 billion in the tech fund led by SoftBank and the two companies are working with other parties on a number of large-scale, multi-billion dollar projects relating to the solar industry.

 

Saudi Arabia is increasingly focusing on renewable energy sources as it looks to diversify its energy mix and economy. The Kingdom's National Renewable Energy Program targets 9.5 gigawatts of renewable energy by 2023 in support of the Vision 2030, with an interim target of 3.45 GW of renewable energy capacity by 2020.

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