SB Energy Wins 350MW of Solar Bid in India

published: 2015-12-17 18:21 | editor: | category: News

SB Energy, or SBG Cleantech, a joint venture formed between Softbank (Japan), Foxconn Technology Group (Taiwan) and Bharti Enterprises Limited (India), has won the NTPC bid to develop a 350MW solar power plant in the Ghani Sakunala Solar Park, Kurnool District in the state of Andhra Pradesh. This is the first solar bid won by SB Energy.

The whole plant will be built under the Phase-II, Batch-II, Tranche-I of National Solar Mission at a 25-year tariff of Rs. 4.63/ kWh and is expected to put online in 2017. The investment requirement is estimated to be approximately JPY 50~60 billion. In addition, the needed land and facilities will be provided by the state-owned solar park.

Nikesh Arora, President & COO, SoftBank, said, "Our goal is to create a market-leading renewable energy company, to fuel India's growth with clean, reliable and affordable sources of energy. I am glad that we could open our account today with this win. This project will immensely contribute to the Hon’ble Prime Minister’s vision of meeting the country’s energy demands through clean sources and India’s commitment to providing a safe environment, following the recent Paris convention."

SB Energy, headquartered in New Delhi, plans to invest up to US$ 2 billion in developing 20GW of solar power in India over the next 10 years. The total installation, if realized, will count 10% of Prime Minister Modi’s 100GW of solar installations by 2022.

In addition, Softbank, Foxconn have launched cooperation with India-based Adani Group to build solar PV module production lines in the nation by co-investing in US$ 3 billion. The plan could also be realized through a newly formed joint venture.

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