The sun is set to shine brighter on India’s renewable energy plans. In the single largest investment in India’s renewable sector, Japan’s telecom and internet giant SoftBank, along with India’s Bharti Enterprises and Taiwan-based Foxconn Technology Group, will invest about $20 billion in the country’s solar projects over the next 10 years.
The newly founded joint venture – SBG Cleantech Ltd — will be headquartered in New Delhi. It will be led by Manoj Kohli, a Bharti Group veteran who has led the group’s emerging businesses, as an executive chairman. The company plans to generate about 20 gigawatts of energy. SoftBank will have major stakes in the joint venture, while Bharti and Foxconn will join in as minority stakeholders. The exact details of the stake haven’t been decided yet.
“India has two times the sunshine (of) Japan. The cost of construction of the solar park is half of Japan. Twice the sunshine, half the cost, that means four times the efficiency,” said Softbank’s Chief Executive Masayoshi Son.Read More