SoftBank, Foxconn, Bharti in pact for $20-bn solar power investment
22 June 2015
Japan's SoftBank Corp and Taiwan's Foxconn are teaming up with India's Bharti Enterprises to pool in $20 billion to invest in Indian solar power projects, as the companies look at the Modi government's efforts to boost the country's renewable energy sector.
The three companies have formed a joint venture - SBG Cleantech - to invest and develop renewable energy plants across India.
SoftBank, which plans to invest $10 billion in India in phases, today said the three companies have a minimum commitment of generating 20 gigawatts of energy.
SBG Cleantech intends to participate in the 2015-16 round of solar power plant tenders under the National Solar Mission (NSM) programme and state-specific solar programmes, the company said in a statement.
''Our eyes are trained on India, given the vast potential that the country offers. We have already made considerable investments in the technology sector here. With this partnership, our goal is to create a market-leading clean energy company, to fuel India's growth with clean and renewable sources of energy. We have joined hands with Bharti Enterprises and Foxconn, two leaders in their respective markets for this venture that will propel India into the future,'' said Masayoshi Son, chairman and CEO of SoftBank.
''Just as mobile phones have connected every Indian, renewable power has the potential to provide every Indian with access to electricity, SBG Cleantech underlines our commitment to India's growth plans not only by eliminating energy deficit but also providing clean environment to the future generations of India,'' said Sunil Bharti Mittal, chairman of Bharti Enterprises.
SBG Cleantech will have Manoj Kohli, a Bharti veteran, who until recently led Bharti's emerging businesses, as executive chairman and Raman Nanda, as CEO. The company will be headquartered in Delhi.