Japanese telecommunications firm SoftBank Corp., Indian business conglomerate Bharti Enterprises and Taiwan-based design and manufacturing services provider Foxconn Technology Group to partner for promoting the adoption of clean and safe energy in India.
The three firms have plans to form a joint venture (JV), SBG Cleantech Limited, which will focus primarily on solar and wind energy. Following the Indian Prime Minister's 100 GW solar and 60 GW wind target by 2022, the venture will invest in and develop renewable energy plants across the country.
SBG Cleantech will have Manoj Kohli, a Bharti veteran who until recently led Bharti's emerging businesses, as Executive Chairman and Raman Nanda as the CEO. Headquarters will be located in Delhi.
The company intends to participate in the 2015/2016 round of solar power plant tenders under the National Solar Mission (NSM) program and state-specific solar programs.
Masayoshi Son, Chairman & CEO of SoftBank, has commented:
"Our eyes are trained on India, given the vast potential that the country offers. 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."
Given its vast population, high irradiation, growing energy demand and power deficit, limited access to fossil fuels and a large number of unlit villages, India has significant potential to become a major solar market.
The country has achieved a base of 3.7 GW of solar power, evolved its policies and created a solar ecosystem of installers, manufacturers, developers, financiers and researchers. Indian solar capacity is expected to grow by 250% in 2015.
IPP Journal has recently reported on several key events in India's renewables market: