RIYADH: Saudi Arabia’s Public Investment Fund, PIF, has selected the global consulting firm PwC as an advisor on six renewable energy projects, including wind and solar plants.
The projects will be implemented in cooperation with the Ministry of Environment, Water and Agriculture, CNBC Arabia reported, citing banking resources.
This comes in line with the sovereign fund’s plan to transform the Kingdom into a green economy and diversify its energy mix.
With a total capacity of around 2.3 gigawatts, the PIF will start financing the second phase of renewable energy projects that it is working on in collaboration with local companies, CNBC Arabia reported.
The new phase of projects includes the Shoaiba power plant, with two gigawatts of energy from renewable resources and a production capacity of 900 megawatts, CNBC reported citing an informed source.
Established in 1988, London-based PwC is a one of the Big Four accounting firms that offers business advisory services.