The Strategist

SoftBank to invest in green energy in India

06/15/2018 - 14:53

SoftBank and the Government of India are expected to enter into an official agreement shortly after final agreements have been reached.

[puamelia] via flickr
[puamelia] via flickr
It is expected that the company will invest through a fund supported by the government of Saudi Arabia, NHK specified. Saudi Arabia is the largest investor in the SoftBank Vision Fund, which raised more than $ 93 billion last year.

In 2015, SoftBank promised to invest $ 20 billion in Indian solar projects with generating capacities of 20 GW as a majority partner in a joint venture with Indian Bharti Enterprises and Taiwanese Foxconn.

In April, it became known that SoftBank and Chinese GCL System Integration Technology Co Ltd are planning to create a joint venture for the production of solar energy in India. The total investment in the joint venture is expected to amount to $ 930 million.

As part of Prime Minister Narendra Modi's strategy on the use of renewable energy sources, India has set a goal to increase the generation capacity of solar energy to 100 GW by 2022, which is five times higher than the current level, Reuters reports.

In March, Saudi Arabia and SoftBank signed a memorandum of understanding. They plan to develop the world's largest project in the field of solar energy. The generating capacity will be 200 GW. The volume of investments is expected to be $ 200 billion.

According to Masayoshi Son, the head of SoftBank, it is assumed that the project, which will include the entire spectrum from generating electricity to producing panels and equipment, will create 100,000 jobs and cut energy costs by $ 40 billion. The project will reach its maximum capacity by 2030 year.