December 19, 2018 / 11:41 AM / in a month

Saudi starts work with SoftBank on 200 gigawatt solar plan: minister

FILE PHOTO: Saudi Arabia's Oil Minister Khalid al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018. REUTERS/Leonhard Foeger/File Photo

RIYADH (Reuters) - Saudi Arabia has already started implementing an agreement with SoftBank Group’s (9984.T) Vision Fund to provide 200 gigawatts of solar power in the kingdom, energy minister Khalid al-Falih said at a post-budget event.

The kingdom’s Public Investment Fund agreed to invest $45 billion in the giant tech fund led by SoftBank and the pair are working with other parties on a number of large-scale, multi-billion dollar projects relating to the solar industry.

The PIF and private sector will fund renewable energy projects in the kingdom, Falih said.

Reporting By Marwa Rashad and Stephen Kalin; Writing by Nafisa Eltahir; Editing by Tom Arnold

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below