SoftBank and partners to invest $20bn in renewable energy projects in India

SoftBank has teamed up with Indian conglomerate Bharti Enterprises and Taiwan’s Foxconn Technology to form a joint venture (JV) called SBG Cleantech to invest $20bn in Indian renewable sector.

The newly formed company is expected to invest in renewable energy plants across India, mainly focusing solar and wind energy.

SBG Cleantech looks to participate in the 2015-16 round of solar power plant tenders being planned under the National Solar Mission (NSM) programme as well as participate in state-specific solar projects.

The company is expected tap the renewable energy prospects in the country as Indian government targets to generate 100GW solar and 60GW wind energy by 2022.

Softbank is expected to invest $10bn in India over time, and the companies have made a minimum commitment of generating 20GW of energy in the country, reported Reuters.

India currently produces 3.7GW of solar power which could rise

SoftBank CEO Masayoshi Son 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."