Public Investment Fund (PIF) plans to increase its stake in ACWA Power to 40% from 25% and is looking to invest in electric vehicles and solar power, its managing director Yasir al-Rumayyan said on Wednesday. The sovereign fund also plans to boost its staff to 700 by the end of the year from 450 now, and is aiming to open offices in London and in the United States - initially in New York and then in San Francisco, al-Rumayyan added. PIF aims to be the largest investor in renewable energy, he further stated. The fund has made substantial commitments to other green projects, including renewables and recycling, and to technology companies, such as a USD45bn agreement to invest in a technology fund led by Japan’s SoftBank Group Corp. It also owns stakes in electric car makers Tesla and Lucid Motors.