SoftBank Group Corp has decided to invest 60 billion-100 billion Dollar in solar power generation in India. SoftBank and the Indian government are expected to reach a formal agreement soon after final arrangements are made, the report said without naming its sources.
The company is expected to make the investment through a fund backed by Saudi Arabia’s government, NHK said. Saudi Arabia is the largest investor in SoftBank’s Vision Fund, which raised over 93 billion Dollar last year. In 2015 SoftBank pledged to invest 20 billion Dollar in Indian solar projects with a goal of generating 20 GW of energy as the majority partner in a joint venture with India’s Bharti Enterprises and Taiwan’s Foxconn.
Last month SoftBank secured 200 MW of solar capacity at an auction in the southwestern state of Karnataka. In April it teamed up with China’s GCL System Integration Technology Co Ltd on a 930 million Dollar Indian solar energy venture.
India has set a target to achieve an operational solar power capacity of 100 GW by 2022, five times current levels, under Prime Minister Narendra Modi’s renewable energy strategy. SoftBank’s Vision Fund has exposure to solar energy through its investment in the world’s largest such project in Saudi Arabia announced in March.