Saudis, Softbank look to develop 3 GW solar/storage facility
Saudi Arabia’s Public Investment Fund (PIF) has signed a memorandum of understanding with SoftBank Vision Fund (SBVF) to develop around 3 GW of solar power-generating capacity and storage in the country in 2018. The venture, part of its Vision 2030 initiative to generate 9.5 GW of renewable power a year, would be carried out by the Saudi Electricity Company (SEC), and would involve both PIT and SBVF taking a stake in SEC, though the utility would continue to be state-controlled. Due diligence on the agreement is set to be completed by the end of February next year.
Saudi Arabia’s Public Investment Fund (PIF) and SoftBank Vision Fund (SBVF) are plotting to develop about 3 GW of solar power generating capacity, coupled with energy storage, in the Kingdom next year.

The pair seeks to do so through Saudi Electricity Company (SEC), according to a SEC statement on Tuesday. Saudi sovereign wealth fund PIF has entered into a memorandum of understanding (MoU) with SBVF that outlines the plan.

The MoU, which is non-binding and subject to due-diligence, stipulates that the parties involved would evaluate SBVF taking a “significant equity stake” in SEC. They would also seek to build solar power and energy storage manufacturing facilities in Saudi Arabia.

In any case, the government of Saudi Arabia would continue to control SEC.

The move would be part of a so-called New Solar Energy Plan 2030. The parties expect to conclude due diligence under the MoU by February 28, 2018.

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