SoftBank Corp Partners with Bharti Enterprises &Taiwan’s Foxconn For Solar Projects in India

0
80

indiaCSR logoIndiaCSR News Network

Japan’s SoftBank Corp &  Bharti Enterprises and Taiwan’s Foxconn have come together to invest about $20 billion in solar projects in India, in one of the biggest investment pledges to date in the country’s renewable energy sector. SoftBank, which previously said it would invest $10 billion in India over time, said that the companies had agreed a minimum commitment of generating 20 gigawatts of energy.

SoftBank will have majority control in the newly formed company, SBG Cleantech, with Bharti and Foxconn as minority stakeholders.

“India has two times the sunshine (of) Japan,” Softbank Chief Executive Son told reporters in a conference.The cost of construction of the solar park is half of Japan. Twice the sunshine, half the cost, that means four times the efficiency.”

IndiaCSR Awards Logo (3)Masayoshi  said the timeline for investments would depend on state and central governments and on acquiring land needed for the plants.

The rapidly falling cost of solar power, expected to reach parity with conventional energy by 2017, has ignited interest in its potential in India, as the country steps up its own efforts to encourage investment in renewable energy. Despite more than 300 days of sunshine a year, India relies on coal for three-fifths of its energy needs, while solar supplies less than 1 percent.

Prime Minister Narendra Modi has looked to industry for help in funding what government advisers hope will be a $160 billion push into renewable energy over five years. He aims to make India one of the world’s largest renewable energy markets, targeting 100,000 MW of output by 2022 from just 3,000 MW currently.

But analysts say India’s target will be difficult to reach, given weak finances of electricity distribution companies that would buy in solar energy and the slow pace at which land for plants is made available.

Masayoshi says Foxconn would help with planned solar equipment for the projects. The companies are looking at manufacturing equipment in India, a further boon for Modi who has sought to boost the portion of equipment made at home. “India can become probably the largest country for solar energy,” He said.

Source: Reuters

(IndiaCSR is renowned and No.1 news portal in the domain of CSR, which is live since 2009. www.indiacsr.in is for you and your organization. IndiaCSR believes in uninterrupted generation and flow of information. We also believe in values and extending value based descriptions. IndiaCSR is mirroring what is happening around in the contemporary environment. We request you to support the initiative and promote it within your network. We welcome reactions to the stories, comments on issues that interest you, feedback & comments from your side to make it more purposeful and resourceful. Please send us your organization’s news, press releases, articles and contributions to editor@indiacsr.in. You can find updates at Facebook IndiaCSR News)

Comments

comments

SHARE
Previous articleYes Bank Felicitated with Karlsruhe Sustainable Finance Award For Outstanding Sustainability
Next articleClean Ganga Mission to Use Geospatial and Crowd-Sourcing Technologies for Pollution Monitoring
India CSR Network
India CSR Network is India's biggest and most trusted news portal in the domain of CSR & Sustainability. India CSR welcomes stories, statements, updates, reports on issues that interest you. Feedback, comments will make it more purposeful and resourceful. It is designed and maintained by India CSR Group. Contents are non-fiction. Though all efforts have been made to verify the accuracy, the same should not be construed as a statement of law or used for any legal purposes. In case of any ambiguity or doubts, readers are advised to verify with the source(s). Statement, articles, views and contributions can be sent to editor@indiacsr.in