SoftBank seeks Deutsche’s advice on Saudi power deals
Sources say Japanese lender is seeking to become minority shareholder of influence in Saudi Electricity
Dubai — SoftBank has hired Deutsche Bank to advise it on its power investment plans in Saudi Arabia, two sources familiar with the matter said. The Japanese company, which is planning to invest in a giant solar power plant in the kingdom, has also shown interest in electricity distribution in the world’s top oil exporter, the sources said. One source said SoftBank could consider purchasing a minority stake in Saudi Electricity from the Public Investment Fund (PIF) sovereign wealth fund. “They want to become a minority shareholder of influence,” the source told Reuters. PIF owns a 74% stake in Saudi Electricity. The other major shareholder is state oil giant Aramco, which owns a nearly 7% stake. A SoftBank spokeswoman declined to comment. PIF and Deutsche Bank also declined comment. Saudi Electricity did not respond to a Reuters request for comment. In March, SoftBank Group CEO Masayoshi Son said he had signed an agreement to create the world’s biggest solar power generation company ...
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