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Softbank, Foxconn and Bharti JV for Solar Power in India

published: 2015-06-23 17:14
Solar array in India. (Source: Wikipedia)

India booming! Japan’s Softbank Corp announced to team up with India’s Bharti Enterprises and Taiwand’s Foxconn to form a joint venture called “SBG Cleantech Limited” (SBG Cleantech) for investing US$20 billion in developing at least 20GW of solar power in India.

Masayoshi Son, Chairman and CEO of Softbank , said, “Our eyes are trained on India.” The company has already made considerable investments in the technology sector in India, and the partnership with Bharti and Foxconn will further accelerate development of India’s renewable energy industry. SBG Cleantech aims to add at least 20GW of solar systems over the next 10 years, while Softbank will invest US$10 billion and control the largest part of the new company’s shares.

Terry Gou, Founder and CEO of Foxconn Technology Group, commented, “Foxconn is committed to fulfilling our social and environmental responsibilities (SER) and investing in areas that link technology with sustainable growth in a way that also protects the environment.” He added, “Harnessing renewable energy is a key pillar in our SER strategy and we are excited to join our industry partners, SoftBank and Bharti, in championing clean energy solutions in India through SBG Cleantech, and supporting the country’s efforts to grow its renewable energy industry”

The highly potential Indian solar market

Since the inauguration, Prime Minister Narendra Modi has been promoting renewable energy industry in the nation. Many international companies have been attracted and entered into the country. For example, Trina Solar plans to build a 1GW PV cell manufacturing facility and a 1GW module facility. SunEdison, a U.S.-based global solar enterprise, broke ground on constructing solar panel manufacturing facility through a US$4 billion investment, while to install 5GW of solar power systems.

Given the vast population and weak power distributing grids, India’s power resources are mostly limited by fossil fuels and thousands of hundreds of people have no access to electricity. Fortunately, India has high irradiation, making it one of the perfect countries to develop solar power. So far, already 3.7GW of solar systems have been installed or approved for installing. India would be a major market in the global solar industry.

Sunil Bharti Mittal, Chairman, Bharti Enterprises, believes that SBG Cleantech will have a transformational impact on India’s society and economy.

In line with Prime Minister Modi’s vision, the JV represents the three companies’ commitment in prompting solar power in the nation as well as providing clean environment to the future generations of India.

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