An official of the PIF said on Monday that the Wall Street Journal reported that Saudi Arabia had shelved a report on the construction of the world's largest solar power project (with a total investment of 200 billion US dollars) with Softbank Group, which is “incorrect” and PIF will continue to work with Softbank Vision Fund and others. Institutional cooperation to publish a series of multi-billion dollar solar projects at an appropriate time. The Kingdom of Saudi Arabia is fully pursuing a renewable energy strategy aimed at becoming a leading and reliable diversified supplier in this source area.
The Ministry of Energy has developed a comprehensive transformation plan for the power sector, including three aspects:
1. Reorganize the electricity market, enhance competitiveness, and attract more private enterprise investment;
2. Promote the qualitative change of the hybrid energy and related technologies currently used by Saudi Arabia in order to increase the production capacity from renewable energy (mostly from solar energy except wind energy);
3. Invest in all stages of the power sector that can add value.