Saudi Arabia's Public Investment Fund (PIF) issued a statement denying that it suspended its $200 billion solar project with SoftBank Group Corp.'s Vision Fund. The spokesperson for the PIF stated the fund continues to work with the Vision Fund, as well as other partners on multi-billion solar industry-related projects that will be announced in due time.
The deal is supposed to create the world’s largest solar power generation project, aided by the development of large-scale solar panels manufacturing facilities in Saudi Arabia. These efforts are a part of Saudi Arabia's new renewable energy strategy which hopes to turn one of the biggest oil producers in the world into a "leading and reliable diversified supplier of renewable energy."