SoftBank to join hands with IL&FS to develop solar power in India, says report

Tokyo based Softbank group will join hands with infrastructure conglomerate IL&FS to develop 20 gigawatts of solar capacity in India by 2025, reported The Economic Times.

The firm’s power and energy investment arm SB Energy has decided to develop projects in the country along with IL&FS Energy unit, said the report.

The solar parks will be developed to support the renewable energy road map for the country put forward by Prime Minister Narendra Modi, added the report.

The Japanese group had also teamed up with China’s GCL System Integration Technology two months back for Rs 6,350 crore solar power venture, said the daily.

The decision came on the back of Softbank’s commitment to invest up to $20 billion along with Falcon Technology and Bharti Enterprises in solar projects in India, the report said.

The firm has already made initial investments worth Rs 4,000 crore for these projects.

“We truly believe that India’s developmental agenda would be fully realised through technology led businesses. Government of India’s thrust on renewable energy is an important component of this agenda and Softbank is eager to be a stakeholder in this endeavor. Our partnership with IL&FS leverages on the respective strengths of both institutions and will efficiently ground our target rollout plan,” SB Energy executive chairman Manor Kohl was quoted saying in the report.

The report also said that a formal announcement regarding the joint venture could very likely be made this week itself.