Caspian Energy Journal Caspian European Club
Thursday, 04 October 2018 13:00

$200B, 200-GW Solar Project is on hold

$200B, 200-GW Solar Project is on hold

Saudi Arabia’s Public Investment Fund and Japan’s SoftBank Group Corp. both said they’re continuing to collaborate on solar energy plans after the Wall Street Journal said their $200 billion development was put on hold, Caspian Energy News ( reports with reference to Renewable Energy World.

"Progress continues to be in line with expectations for a project of this scale and complexity,” a Softbank spokesperson said in an emailed statement Tuesday. Earlier, the desert kingdom’s Public Investment Fund said it’s working with the SoftBank Vision Fund and other institutions on a number of major multi-billion dollar solar projects.

Saudi Arabia and SoftBank signed a memorandum of understanding in March to develop the solar power project, which was set to become larger than any other. The project was planned to ultimately generate about 200 gigawatts of energy.

SoftBank said it’s been working closely with the PIF and key government agencies for months to deliver on the so-called New Solar Energy Plan 2030.

The kingdom is moving ahead with its renewable-energy strategy as part of the oil-rich country’s economic transformation plan, the PIF said in an emailed statement.

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