Saudi Arabia’s Public Investment Fund – with over $500 billion in assets, one of the largest sovereign wealth funds in the world – has selected PwC as lead financial consultant for six renewable energy projects.
The Kingdom’s Public Investment Fund (PIF) aims to enable economic development and diversification of the Saudi economy, in line with Saudi Arabia’s Vision 2030.
As part of this mission, the PIF currently owns or holds stakes in 47 companies, ranging from mammoth construction projects such as Neom and The Red Sea Development Company, industry initiatives such as Cruise Saudi to new ventures including the recent launch from gaming and esports company Savvy. Game group.
One of the main pillars of the PIF is to support (and accelerate) the energy transition, as Saudi Arabia seeks to reduce its dependence on oil and adopt wind and solar energy, among others.
By 2030, Saudi Arabia aims to reach 58.7 GW of renewable energy capacity, with the PIF tasked with overseeing the development of 70% of this (ambitious) target. The Kingdom’s Ministry of Energy is overseeing the development of the remaining 30% of the total through a competitive bidding program.
The contract with PwC enables the global advisory firm to provide financial and transactional expertise to six renewable energy projects, including a 900 MW solar photovoltaic power plant in Shuaiba. The six projects will be developed under the PIF Clean Energy Program and will be implemented in cooperation with the Ministry of Environment, Water and Agriculture.
The Public Investment Fund’s team of buyers selected PwC following a competitive bidding process. Reports from outlet Energy & Utilities suggest that several “large international financial advisory firms” applied for the prestigious role – why PwC came out on top was not disclosed.
PwC is a leading advisor in the field of energy transaction advisory and in the Middle East its team has advised on the set-up and financial close of several landmark (green) energy transactions. Meanwhile, further east, PwC recently won the financial advisory mandate for the the largest solar energy infrastructure project in the world (connecting Australia to Singapore).
Across its extensive portfolio, the Saudi public investment fund works with more than a dozen consulting firms, including big brands such as MBB (McKinsey, BCG and Bain) and the Big Four (Deloitte , EY, KPMG and PwC).