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Japan's SoftBank Group is working closely with infrastructure group IL&FS to develop more than 20 GW of solar capacity in India by 2025 in support of Prime Minister Narendra Modi's ambitious renewable energy roadmap
for the country.
It comes less than two months after the Japanese group invested $930 million in Indian solar energy and China's GCL system integration technology cooperation
.
SB Energy, SoftBank's power and energy investment arm, and IL&FS Energy, wholly owned by IL&FS, have agreed to jointly develop grid-connected solar projects
across the country.
An official announcement of the
joint venture is expected this week.
SoftBank pledged in 2015 to invest $20 billion in a solar project in India with Foxconn Technology and Barty Corporations, which aims to achieve 100 gigawatts of solar power
by 2022.
Manoj Kohli, Executive Chairman of SB Energy, said, "Our partnership with IL&FS leverages the respective strengths of both institutions and will effectively achieve our target rollout plan
.
”
The proposed agreement involves IL&FS Energy, which, in addition to providing other value-added services, is responsible for developing infrastructure such as substations, grid connections, etc
.
SB Energy will be responsible for installation, EPC and financing
.
IL&FS Energy is one of India's largest operators of conventional and renewable energy projects and also provides professional services
for the development of these projects.
After reaching a 50-50% balance between renewable energy and heat, it currently operates more than 3,000 MW of generating capacity, while another 15,000 MW of projects are in various stages
of development.
The Indian government has set a target of developing 100GW of
grid-connected solar by 2022.
In addition, the government will auction 10 GW of wind energy projects over the next two financial years as part of its efforts to secure 60 GW of
electricity from that source by 2022.
India's renewable capacity increased from 57 GW as of March 2017 to 65 GW at the end of February 2018
, driven by a 7.
3 GW increase in India's solar capacity.
Citigroup said April 20 that renewables account for nearly 20%
of India's installed capacity.
Citi analysts said that while overall power generation is still dominated by traditional consumers, renewable energy generation is gradually crowding out traditional consumers
.
Meanwhile, SoftBank is expanding its solar investments
globally.
Recently, the company announced that it will invest in the construction of the world's largest solar power project in Saudi Arabia, which is expected to cost up to $200 billion and produce 200GW of solar power
by 2030.
Japan's SoftBank Group is working closely with infrastructure group IL&FS to develop more than 20 GW of solar capacity in India by 2025 in support of Prime Minister Narendra Modi's ambitious renewable energy roadmap
for the country.
It comes less than two months after the Japanese group invested $930 million in Indian solar energy and China's GCL system integration technology cooperation
.
SB Energy, SoftBank's power and energy investment arm, and IL&FS Energy, wholly owned by IL&FS, have agreed to jointly develop grid-connected solar projects
across the country.
An official announcement of the
joint venture is expected this week.
SoftBank pledged in 2015 to invest $20 billion in a solar project in India with Foxconn Technology and Barty Corporations, which aims to achieve 100 gigawatts of solar power
by 2022.
Manoj Kohli, Executive Chairman of SB Energy, said, "Our partnership with IL&FS leverages the respective strengths of both institutions and will effectively achieve our target rollout plan
.
”
The proposed agreement involves IL&FS Energy, which, in addition to providing other value-added services, is responsible for developing infrastructure such as substations, grid connections, etc
.
SB Energy will be responsible for installation, EPC and financing
.
IL&FS Energy is one of India's largest operators of conventional and renewable energy projects and also provides professional services
for the development of these projects.
After reaching a 50-50% balance between renewable energy and heat, it currently operates more than 3,000 MW of generating capacity, while another 15,000 MW of projects are in various stages
of development.
The Indian government has set a target of developing 100GW of
grid-connected solar by 2022.
In addition, the government will auction 10 GW of wind energy projects over the next two financial years as part of its efforts to secure 60 GW of
electricity from that source by 2022.
India's renewable capacity increased from 57 GW as of March 2017 to 65 GW at the end of February 2018
, driven by a 7.
3 GW increase in India's solar capacity.
Citigroup said April 20 that renewables account for nearly 20%
of India's installed capacity.
Citi analysts said that while overall power generation is still dominated by traditional consumers, renewable energy generation is gradually crowding out traditional consumers
.
Meanwhile, SoftBank is expanding its solar investments
globally.
Recently, the company announced that it will invest in the construction of the world's largest solar power project in Saudi Arabia, which is expected to cost up to $200 billion and produce 200GW of solar power
by 2030.
