Energy & Sustainability

SoftBank, Bharti and Foxconn Form Joint Venture for Renewable Energy in India

Japan’s SoftBank, India’s Bharti and Taiwan’s Foxconn have formed a joint venture to promote the adoption of clean and safe energy in India.

The new entity will be known as SGB Cleantech, and will focus on solar and wind energy. Following Indian Prime Minister Narendra Modi’s 100GW solar and 60GW wind target by 2022, the venture will invest in and develop renewable energy plants across India.

The new venture is aiming to contribute to the Government of India’s mission of 24x7 power for all and the renewable energy target by 2022. It 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.

India has the potential to be a major solar market; it has a vast population as well as growing energy demand and a power deficit. In addition, it has limited access to fossil fuels and a large number of unlit villages. It 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.

Masayoshi Son, Chairman & CEO of 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.”

Sunil Bharti Mittal, Chairman, Bharti Enterprises, added: “This project will immensely contribute to the Prime Minister’s vision of meeting the country’s energy demands through clean sources. Just as mobile phones have connected every Indian, renewable power has the potential to provide every Indian with access to electricity, SBG Cleantech underlines our commitment to India’s growth plans not only by eliminating energy deficit but also providing clean environment to the future generations of India.”

Terry Gou, Founder and CEO, Foxconn Technology Group, said, “Harnessing renewable energy is a key pillar in our SER strategy and we are excited to support 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. The company will be headquartered in Delhi.

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.



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