Saudi Fund Denies Report SoftBank Solar Project Is On Hold - Bloomberg:
Saudi Arabia’s Public Investment Fund said it’s working with the SoftBank Vision Fund and other institutions on a number of major multi-billion dollar solar projects and denied a Wall Street Journal report that said a $200 billion development was put on hold.
The kingdom is moving ahead with its renewable energy strategy as part of the oil-rich country’s economic transformation plan, the sovereign wealth fund said in an emailed statement.
Saudi Arabia and SoftBank in March signed a memorandum of understanding to develop the solar power project, which is set to become larger than any other. It was one of a number of announcements from Saudi Arabia as it promises to scale up its access to renewables. While the kingdom has for years sought to get a foothold in clean energy, it was only in 2017 that the country moved forward with projects.
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