SoftBank to launch USD20 billion SBG Cleantech
India’s big solar ambitions are attracting big companies. Japan’s Softbank is the latest, with company founder Masayoshi Son announcing today that it will team up with Indian business conglomerate Bharti Enterprises and Taiwanese electronics manufacturer Foxconn to form a $20 billion solar venture in India.
SoftBank’s Son indicated the venture intends to develop 20 GW of PV. The timeframe for rolling out solar projects will depend on state and federal regulations, Reuters reported. Son himself has been a key figure in the Japanese solar market, becoming deeply involved in developing projects and raising awareness about solar in the wake of the Fukushima Daiichi nuclear disaster.
Just what shape the venture will take place is also unclear, however SoftBank has committed to investing $10 billion in the new India solar venture, with Foxconn to support with “planned solar equipment manufacturing for the projects,” reporting from the Times of India reveals. This indicates that domestic Indian solar manufacturing is a part of the SBG Cleantech plans.
Reuters quoted the SoftBank CEO as saying India has a far greater solar potential than Japan.
“India has two times the sunshine (of) Japan,” said Son, at the press conference announcing the SBG venture. “The cost of construction of the solar park is half of Japan. Twice the sunshine, half the cost, that means four times the efficiency. India can become probably the largest country for solar energy.”
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