Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has denied the Wall Street Journal’s (WSJ) reports that it has backtracked on establishing a $200 billion solar power plant, an informed source said.
The PIF is still considering mega solar energy investments with SoftBank Vision Fund and other organisations, the Saudi Press Agency (SPA) reported.
The kingdom’s solar power investment is part of Saudi Vision 2030, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.
On Monday, 1 October, the WSJ indicated that the GCC nation suspended plans to build the largest solar power plant which was at $200 billion, citing a Saudi government adviser and other officials as saying.
In March, SoftBank’s CEO Masayoshi Son signed a memorandum of understanding (MoU) with the Kingdom’s Crown Prince Mohammed bin Salman to fund the largest solar power generation project.
