Softbank Vision Fund signs MOU to develop 3GW of solar, energy storage in Saudi Arabia

Facebook
Twitter
LinkedIn
Reddit
Email
The 3GW of PV and energy storage projects will be developed in 2018. Image: zak zak / Flickr

Private equity fund SoftBank Vision Fund has officially signed off on a Memorandum of Understanding (MOU) with Saudi Arabia’s Public Investment Fund (PIF) to develop 3GW of PV and energy storage capacity within Saudi Arabia.

According to the Saudi Electric Company, the 3GW of PV and energy storage projects will be developed in 2018, with both SoftBank and the PIF expected to develop manufacturing facilities within Saudi Arabia to aid in the creation of these renewable projects.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

If developed, this undertaking would make a major contribution towards Saudi Arabia’s renewable energy targets, as the country’s National Renewable Energy Program (NREP), managed by the Ministry of Energy, Industry, and Mineral Resources (MEIM), has targeted 3.4 GW of renewable energy by 2020 — along with 9.5GW by 2023.

Read Next

September 4, 2025
Fraunhofer ISE has completed testing work of grid-forming inverters currently available in the energy industry.
September 4, 2025
Gavin Newsom has signed an executive order to accelerate the permitting of energy generation projects that could be set to lose IRA support.
August 22, 2025
Saudi developer ACWA Power has started commercial operations of a 2.7GW solar PV portfolio in its home country.
August 22, 2025
AEMO has predicted the NEM will see a steady rise in renewable energy generation capacity, reaching 229TWh by 2035.
Premium
August 18, 2025
Jonathan Touriño Jacobo explores evidence of systemic problems in the Iberian grid and some of the solutions following the blackout.
August 14, 2025
OX2 has received government approval to build a 135MW solar-plus-storage site at a decommissioned coal mine site in NSW, Australia.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines