
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.
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.