SoftBank, Bharti and Taiwan's Foxconn form JV for renewable energy in India

Japanese technology major SoftBank Corp, Bharti Enterprises Limited and Taiwan-based design and manufacturing services provider Foxconn Technology Group have formed a joint venture, SBG Cleantech Limited, to promote the adoption of clean and safe energy in India. Subject to certain conditions, all three companies will jointly invest in the venture.
 
SoftBank said it would invest $20 billion along with Bharti Enterprises and Foxconn in setting up solar power parks in India. The joint venture will initially set up solar parks on imported equipment and subsequently, look at manufacturing solar panels in India. SBG Cleantech, headquartered in Delhi, will be a harbinger of solar and wind energy, according to SoftBank.
 
Following the Indian Prime Minister's 100GW solar and 60GW wind target by 2022, the venture will invest in and develop renewable energy plants across India. SBG Cleantech is committed to contributing to the Government of India's mission of 24x7 power for all and the renewable energy target by 2022. The company intends to participate in the 2015-16 round of solar power plant tenders ‎under the National Solar Mission (NSM) program and state-specific solar programs.
 
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 great potential to be a major solar market.
 
India 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. For a country of India's size and promise, this can only be a first step.
 
Masayoshi Son, chairman & CEO, SoftBank, said, “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.”
 
Sunil Bharti Mittal, chairman, Bharti Enterprises, added, “At Bharti, we believe in projects that have a transformational impact on society. In line with this vision, we are participating in a renewable energy venture with SoftBank and Foxconn which has the potential to transform the Indian economy. This project will immensely contribute to the Prime Minister's vision of meeting the country's energy demands through clean sources.”
 
Solar in India is likely to grow by 250% in 2015. Globally, renewable energy outpaced the growth of fossil fuels in 2015 and a record 107 GW was added through wind, solar, geothermal and other natural sources.
 
Terry Gou, founder and CEO, Foxconn Technology Group, said, “Harnessing renewable energy is a key pillar in our social and environmental responsibilities (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.”
 
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.