Japanese conglomerate SoftBank Group is tying up with Mumbai-based IL&FS to...
Japanese conglomerate SoftBank Group is tying up with Mumbai-based IL&FS to develop solar power in India, according to a report in The Economic Times.
SB Energy and IL&FS will jointly develop more than 20 gigawatts (GW) of solar capacity in India by 2025, the report adds.
SB Energy is SoftBank's power and energy investment division.
SB Energy executive chairman Manoj Kohli confirmed the plan to the paper. The deal support's the government's push to develop renebewable energy.
The formal announcement of the agreement is expected early this week, the report adds.
Last month, SoftBank joined hands with Chinese company GCL System Integration Technology Co for a solar power venture in India worth $930 million.
The Japanese company had in 2015 said it would invest $20 billion, along with Foxconn Technology and Bharti Enterprises, in solar power projects in India.
SB Energy has alrady won bids to set up 1.4 GW of solar power projects in India, the report says.India plans to achieve solar capacity of 100 GW by 2022.