Saudi Fund, SoftBank Deny Their Solar Venture Is on Hold
- PIF says country is moving ahead with renewable energy plans
- WSJ said no active work on $200 billion Saudi desert project
This article is for subscribers only.
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.
"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.