Saudi Public Investment Fund refutes WSJ report claiming $200bn solar project halted

KSA, SoftBank to establish the largest solar power plant in the world with enough capacity to power 140 million homes. (Shutterstock)
Updated 02 October 2018
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Saudi Public Investment Fund refutes WSJ report claiming $200bn solar project halted

JEDDAH: Saudi Arabia’s Public Investment Fund (PIF) has described as “inaccurate” a report claiming the Kingdom has stopped a plan to build the world’s biggest solar-power-generation project.
The Wall Street Journal reported Saturday that the $200 billion project with SoftBank was placed on hold by the Kingdom.
“The Public Investment Fund continues to work with the SoftBank Vision Fund, and other parties, on a number of large-scale, multi-billion dollar projects relating to the solar industry, which will be announced in due course,” a fund spokesperson was reported as saying in the Saudi Press Agency.
“The announcement in March 2018 clearly stated that this includes solar generation projects and joint plans to develop large-scale solar panels manufacturing facilities in Saudi Arabia for solar power generation. This will be complemented by R&D and training components. These plans to develop a leading champion for the industry remain on-track and in-line with the timeline that would be anticipated for projects of this scale and ambition” the spokesperson added.
Saudi Arabia’s Crown Prince Mohammed bin Salman, who is the PIF chairman, and Masayoshi Son, chairman of SoftBank, inked an agreement earlier this year to establish the largest solar power plant in the world with enough capacity to power 140 million homes.


King Salman receives call from US president, Trump sending Pompeo to Saudi Arabia

Updated 7 min 55 sec ago
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King Salman receives call from US president, Trump sending Pompeo to Saudi Arabia

WASHINGTON: Saudi Arabia’s King Salman received a telephone call from the US President Donald Trump in which various issues were discussed, including the ongoing Saudi-Turkish cooperation in the investigation into the disappearance of Jamal Khashoggi and the keenness of the Kingdom's leadership to clarify all relevant facts.

US Secretary of State Mike Pompeo is set to leave the United States within the hour for a trip to the Kingdom to meet with King Salman, and will travel to other places as necessary, according to the US president.