The Saudi government is considering selling the SEC shares of the company's elec

Saudi Arabia will consider selling a majority stake in the SEC to the Softbank Vision Fund, but the Saudi government will continue to hold control.

The SEC said in a statement that Saudi Australia's Public Investment Fund signed a Memorandum of Understanding with Softbank Vision on Monday to develop 3 GW (GW) solar energy in 2018. Public investment funds hold a 74% stake in the SEC, Softbank Vision Fund is the world's largest private equity fund, supported by Japan's Softbank Group (9984.T) and Saudi major sovereign wealth funds.

The financial details of the agreement were not disclosed.

The statement said the parties will also assess the possibility that the Softbank Vision Fund acquired a majority stake in the SEC.

The statement said the Saudi government will retain control of equity.

It is estimated that the SEC's assets are at $ 100 billion. The Saudi government has been considering privatizing the company for many years. It is unclear how this potential trade will affect the privatization program.

Oil giant Saudi Aramco currently holds nearly 7% of the SEC shares, the rest of which is held by the public.

The SEC said the due diligence would be completed by the end of February next year.