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SoftBank Is Rumored to Invest up to US $100 Billion in India's Solar Power Project

published: 2018-06-25 17:10

Japan's SoftBank has reportedly decided to invest an additional US$ 60- 100 Billion in Indian solar power plants this year. After the Indian government and SoftBank finalize their agreement, they would make a public announcement.

Indian Prime Minister Narendra Modi heavily emphasizes solar energy in his strategies. His target capacity is to reach 100 GW by 2020 in India. That figure is 5 times the current level.

Back in 2015, in anticipation of Modi's solar power generation strategy, SoftBank, India’s Bharti Enterprises, and Taiwan’s Foxconn had collectively invested US $20 billion in building PV power stations in India. They planned to set up 20 GW solar power capacities, according to Reuters.

SoftBank had started a joint venture with China's GCL System Integration in April 2018 for US $ 930 million, to set up a solar energy developer in India.

SoftBank announced in March 2018 that its Vision Fund will build the largest-ever solar power plant in Saudi Arabia. In light of its recent efforts, SoftBank's ambition to invest in solar energy is very clear.

(Image credit: MIKI Yoshihito via FlickrCC BY 2.0)

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