In March 2018, SoftBank Group announced the signing of an agreement to create the world's biggest solar power generation company in Saudi which would have a capacity of 200 gigawatts by 2030.
Tuesday 13, November 2018 BY KUDAKWASHE MUZORIWA
SoftBank Group has hired Deutsche Bank to advise on its power investment plans in Saudi Arabia.
The Japanese firm is said to be showing interest in electricity distribution in the world's top oil exporter
Saudi Arabia has provided about half of the $93 billion raised by SoftBank’s Vision fund, which has become one of the primary funding vehicles for technology firms around the world.
SoftBank is also considering purchasing a minority stake in Saudi Electricity from the Kingdom’s sovereign wealth fund, Public Investment Fund (PIF).
The PIF owns a 74 per cent stake in Saudi Electricity another major shareholder is Saudi Aramco, which owns a nearly seven per cent stake.
Masayoshi Son, the Chairman and CEO SoftBank Group, defended the firm’s ties with the Kingdom, saying his firm has a responsibility to Saudi citizens whose money is invested in its Vision Fund, reported Reuters.