IL&FS, SoftBank Partnered to Power 20 GW Solar Power Parks

The announcement came two months after the SoaftBank tied up with China’s GCL System Integration Technology for Indian solar power venture worth Rs 6350 Crore. Both SB Energy, the power and energy investment arm of SoftBank and IL&FS Energy will develop grid-connected solar projects across the country.

To support Prime Minister Narendra Modi’s ambitious renewable energy road map for the country the SoftBank Group is partnering with infrastructure conglomerate IL&FS to develop more than 20 GW of solar capacity in India by 2025.

The announcement came two months after the SoaftBank tied up with China’s GCL System Integration Technology for Indian solar power venture worth Rs 6350 Crore.

Both SB Energy, the power and energy investment arm of SoftBank and IL&FS Energy will develop grid-connected solar projects across the country.

India has a goal of generating 100 GW of solar power by 2022. The SoftBank earlier in 2015 committed $20 billion investment in solar projects in India. The investment would come along with Foxconn Technology and Bharti Enterprises.

In India SB Energy has already won bids for setting up 1400 MW of projects that includes 300 MW at the Bhadla III Solar Park developed by Saurya Urja Company of Rajasthan Ltd, Rajasthan government and JV of IL&FS.

SB Energy has already made an initial investment of Rs 4000 crore for these projects. SB Energy executive chairman Manoj Kohli said, “We truly believe that India’s developmental agenda would be fully realised through technologyled 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 endeavour.

He further added our partnership with IL&FS leverages on the respective strengths of both institutions and will efficiently ground our target rollout plan.

The IL&FS Energy and SB Energy has shared the work on the different basis. IL&FS Energy would be responsible for development of infrastructure like substations, grid connectivity and arrangements for power evacuation and other value added services; similarly, SB Energy will be responsible for financing, installation, engineering, procurement and construction.

“This transition is in keeping with the requirements of the sector and will help the group leverage on its rich experience and track record,” IL&FS Group vice-chairman Hari Sankaran said.

Source: ET