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RIYADH - The Public Investment Fund (PIF) and Softbank Vision Fund signed a memorandum of understanding (MoU) on Wednesday to establish the Solar Energy Plan 2030, which will be a new framework for development of the Kingdoms solar energy sector.
The MoU was signed during the Future Investment Initiative (FII) being held in Riyadh. The new initiative includes establishment of the solar plant, the first of its kind in the Kingdom, to generate electricity with the capacity of 3 gigawatts by 2018.
The project will be implemented through the Saudi Electricity Company (SEC), of which PIF owned 74.3 percent of the shares. The two sides will also discuss the possibility of acquiring a significant minor stake of SEC by SoftBank Vision Fund.
The MoU was signed during the Future Investment Initiative (FII) being held in Riyadh. The new initiative includes establishment of the solar plant, the first of its kind in the Kingdom, to generate electricity with the capacity of 3 gigawatts by 2018.
The project will be implemented through the Saudi Electricity Company (SEC), of which PIF owned 74.3 percent of the shares. The two sides will also discuss the possibility of acquiring a significant minor stake of SEC by SoftBank Vision Fund.
The PIF and SoftBank Vision Fund will explore opportunities to establish industries in the field of power generation systems and batteries in the Kingdom, which will help to support diversification of sectors and create jobs in the field of advanced technologies.
The development of the solar sector in the Kingdom is one of the main goals of the Vision 2030, which seeks to create a modern and diversified economy.
The development of the solar sector in the Kingdom is one of the main goals of the Vision 2030, which seeks to create a modern and diversified economy.
The Kingdom aims to reach production of renewable energy at 9.5 gigawatts by 2023.
Addressing FII, Chairman & CEO of Softbank Group Masayoshi Son said Crown Prince Muhammad Bin Salman had asked him to get involved in the NEOM project. "I think NEOM is a fantastic opportunity," he pointed out. "The rapid technological developments and their wide scope have made solar energy one of the most attractive options to generate electricity. Since the Kingdom has high level of solar radiation, we are very excited to work with PIF and SEC in order to build a leading international solar power plant to generate solar energy, establish industries in the field of power generation systems and batteries as well as to create jobs in the field of advanced technologies in the Kingdom," he added.
Addressing FII, Chairman & CEO of Softbank Group Masayoshi Son said Crown Prince Muhammad Bin Salman had asked him to get involved in the NEOM project. "I think NEOM is a fantastic opportunity," he pointed out. "The rapid technological developments and their wide scope have made solar energy one of the most attractive options to generate electricity. Since the Kingdom has high level of solar radiation, we are very excited to work with PIF and SEC in order to build a leading international solar power plant to generate solar energy, establish industries in the field of power generation systems and batteries as well as to create jobs in the field of advanced technologies in the Kingdom," he added.
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