February 22, 2019 / 6:41 AM / a year ago

Saudi's wealth fund signs renewables agreement with China - SPA

DUBAI, Feb 22 (Reuters) - Saudi Arabia’s sovereign wealth fund has signed a memorandum of understanding on renewable energy cooperation with China during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing, state news agency SPA said on Friday.

The MOU between China and Saudi’s Public Investment Fund (PIF) said the kingdom wanted to invest in renewables and make it a “leading global centre” for the sector, SPA said.

The MOU will enable PIF to support and develop manufacturing, power generation and emerging technologies over the next ten years, it added. (Reporting by Sylvia Westall; Editing by Simon Cameron-Moore)

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