Connect with us

Hi, what are you looking for?

Make in India logo with a backdrop of solar panels.

Green Economy

SoftBank, Foxconn JV Signs 2 GW Solar Power Deal With Indian State

Originally published on Solar Love.

A joint venture company between Japan-based SoftBank, Taiwan-based Foxconn, and Indian conglomerate Bharti Enterprises has stuck its first deal in the solar power market.

SBJ Cleantech has signed an agreement with the state government of Andhra Pradesh to set up 2 GW of solar power capacity, which will be further expanded. The company will also set up 1 GW wind energy capacity in the state.

The solar power projects are likely to be commissioned in hybrid mode with wind energy projects. The Andhra Pradesh government is looking to promote large-scale renewable energy projects hosting solar and wind energy projects.

SBJ Cleantech was formed earlier this year when the 3 companies announced plans to invest $20 billion in India’s renewable energy market. SoftBank chairman and CEO Masayoshi Son has mentioned to the press that the three-way joint venture company will develop at least 20 GW solar power capacity in India.

SBJ Cleantech has not participated in the any auctions since its launch but may be looking to set up projects by signing bilateral agreements with state governments. However, giving competitive auctions a miss may not mean that it would be able to extract a higher feed-in tariff. At the occasion of signing the memorandum of understanding, Andhra Pradesh Chief Minister urged the companies to ensure that solar power output cost is reduced to Rs 3.50-4.00/kWh compared to the current Rs 5-6/kWh.

Earlier this year the state government has announced a fresh solar power policy with a target to add at least 5 GW capacity over a period of 5 years. The government has auctioned 726 MW capacity in two auctions held April 2013 and October 2014.

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

An avid follower of latest developments in the Indian renewable energy sector.


You May Also Like


The combination of technical, market and regulatory innovation sometimes brings old technical solutions back to life. Such is the case for synchronous condensers it...

Green Economy

Some of the leading global pension funds are vying for a stake in the latest renewable energy yieldco offering in India. According to media...

Green Economy

Global investment firm KKR has participated in the second fundraising exercise in sixth months for India-based Serentica Renewables. According to media reports, KKR has...

Green Economy

The Indian renewable energy company Avaada has secured a massive $1.07 billion from multiple investors, including Brookfield.  According to media reports, Brookfield Renewable, part...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.