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.

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.

29 November 2022
PV ModuleTech EMEA in Madrid on 29-30 November 2022 will address the factors underpinning the changing PV module landscape, gathering together all the key stakeholders across the value-chain from module production to field testing. Join us for presentations from the leading players in the sector, clearly identifying the opportunities and challenges set to impact module supply to Europe and the Middle-East over the next few years.

Read Next

August 12, 2022
ACWA Power posted strong H1 2022 results as it continues to divert its portfolio to renewables and low-carbon technologies.
August 5, 2022
Canadian renewables company Revolve Renewable Power has received approval to build a 250MW solar-and-storage project on land managed by the US Bureau of Land Management (BLM) in Arizona.
August 5, 2022
Germany solar developer Wirsol Energy has received development approval for its Maryvale solar and energy storage project in New South Wales (NSW) by the NSW Department of Planning, Industry and Environment.
August 1, 2022
US solar and energy storage developer Borrego has completed the previously announced spin off and sale of its development business to energy transition investor ECP for an undisclosed amount, with the new company being renamed as New Leaf Energy.
June 30, 2022
The Australian Energy Market Operator (AEMO) has revealed its 2022 Integrated System Plan (ISP), laying out a 30-year roadmap that plots the transition to net-zero and identifies upcoming investments in the National Electricity Market (NEM), which covers the populous south and east of the country.
June 24, 2022
Investors Harith General Partners and African power provider Anergi Group have partnered to establish the Pan-African Renewable Energy Fund (PAREF) to accelerate renewable energy deployment across Africa and close the continent’s investment gap.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event