Saudi's PIF denies kingdom will scrap $200bn solar generation project

The plan to build the world's largest solar power project will create the capacity to generate up to 200 gigawatts (GW) by 2030, with enough capacity to power 140 million homes.
Saudi's PIF denies kingdom will scrap $200bn solar generation project
Saudi Arabia will also progress with its overall renewable energy strategy, “through which Saudi Arabia aims to be a leading and reliable diversified supplier of renewable energy”.
By Neil Halligan
Tue 02 Oct 2018 08:57 AM

Saudi Arabia’s Public Investment Fund has refuted claims that it will scrap a $200 billion plan to build the world’s largest solar-generation project.

The Wall Street Journal, citing officials and a Saudi government adviser, reported that the kingdom will instead implement a broader renewable energy strategy.

The PIF has described the report, describing it as “inaccurate”.

Saudi Arabia said to scrap $200bn solar generation project

A report in US media said that Saudi officials are expected to unveil a broader renewable energy strategy later this month

“The Public Investment Fund 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,” a fund spokesperson told Saudi Press Agency.

“The announcement in March 2018 clearly 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. 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” the spokesperson added.

The plan to build the world’s largest solar power project, which was announced by SoftBank CEO Masayoshi Son, will create the capacity to generate up to 200 gigawatts (GW) by 2030, with enough capacity to power 140 million homes.

The PIF spokesperson said Saudi Arabia will also progress with its overall renewable energy strategy, “through which Saudi Arabia aims to be a leading and reliable diversified supplier of renewable energy”.

“In line with Vision 2030, the Ministry of Energy, Industry and Mineral Resources is undertaking a programme in coordination with the kingdom’s stakeholders to transform the power sector, and ensure it is more competitive, efficient and sustainable, underpinned by a strong pipeline for private sector participation,” PIF added.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.