The new JV, SBG Cleantech, will promote the adoption of clean energy in India through investment in and development of renewable energy plants across the country. All three companies will invest in the JV, subject to certain conditions, which will aim to contribute to the Indian Prime Minister’s 100 GW solar and 60 GW wind target by 2022. The JV will participate in the 2015-16 round of solar plant tenders under the National Solar Mission (NSM) programme and state-specific solar programmes.
India has great potential as a future major solar energy market, given its vast population, high solar irradiation levels, growing energy demand, power deficit, limited access to fossil fuels and number of unlit villages. The country currently has a base of 3.7 GW of solar energy and has also created a system of installers, manufacturers, developers, financiers and researchers.
“Our eyes are trained on India, given the vast potential that the country offers” said Masayoshi Son, Chairman & CEO of SoftBank. “We have already made considerable investments in the technology sector here. With this partnership, our goal is to create a market-leading clean energy company, to fuel India's growth with clean and renewable sources of energy. We have joined hands with Bharti Enterprises and Foxconn, two leaders in their respective markets for this venture that will propel India into the future.”
Sunil Bharti Mittal, Chairman, Bharti Enterprises, added that the project will contribute immensely to the Indian Prime Minister’s vision of meeting the country’s energy demands through renewable energy.
SBG Cleantech will be headquartered in Delhi and will employ Manoj Kohli, a Bharti veteran who until recently led Bharti's emerging businesses, as executive chairman and Raman Nanda, as the CEO. Solar energy in India is likely to grow by 250 percent in 2015.
For additional information:
