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

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

RIYADH (Reuters) – Saudi Arabia has already started with the execution of an agreement with SoftBank Group (9984.T) Vision is to Fund up to 200 gigawatts of solar energy in the kingdom, minister of energy Khalid al-Falih said at a post-budget event.

The kingdom of the Public investment fund agreed to invest $45 billion in the gigantic tech fund led by SoftBank and the couple to work together with other parties on a number of large-scale, multi-billion dollar projects in the area of the solar industry.

The PIF and the 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

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