FILE PHOTO: Saudi Arabia’s Oil Minister Khalid al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018. REUTERS/Leonhard Foeger/File Photo
RIYADH (Reuters) – Saudi Arabia has already started implementing an agreement with SoftBank Group’s (9984.T) Vision Fund to provide 200 gigawatts of solar power in the kingdom, energy minister Khalid al-Falih said at a post-budget event.
The kingdom’s Public Investment Fund agreed to invest $45 billion in the giant tech fund led by SoftBank and the pair are working with other parties on a number of large-scale, multi-billion dollar projects relating to the solar industry.
The PIF and private sector will fund renewable energy projects in the kingdom, Falih said.
Reporting By Marwa Rashad and Stephen Kalin; Writing by Nafisa Eltahir; Editing by Tom Arnold