In another boost to India’s renewable energy ambition, Japan’s SoftBank group have decided to invest $60 – $100 billion in solar-power generation in India, Japan’s public broadcaster NHK reported on Friday.
According to Reuters, SoftBank and Indian government will make the official announcement soon after the deal is finalized and an agreement is made. The investment is expected to be made through a Saudi Arabian government fund. The Saudi government is the largest investor in SoftBank’s Vision Fund which raised over $93 billion in the last fiscal year.
Earlier in 2015, SoftBank pledged to invest $ 20 Billion in Indian solar projects as the majority partner in a joint venture with Bharti Enterprises and Taiwan’s Foxconn. The project has set a goal of generating 20 gigawatts of solar energy.
India in accordance with the Paris Agreement has set a target of achieving an operational solar capacity of 100 GW by 2022, which is fivefold than the current capacity. This focus on solar is a part of Prime Minister Narendra Modi’s renewable energy strategy.
In April SoftBank partnered with China’s GCL System Integration Technology Co LTD on a $ 930 million Indian solar energy venture. India has been focusing on renewable energy for some time now. It also signed a MoU with France on Solar and other renewable energy during French President’s last visit.