SB Energy to Invest Rs 30,000 crore in Renewable Energy Sector in Gujarat

• SB Energy is a sister company of Soft Bank of Japan
• Gujarat has 8,885 MW as its present installed capacity of renewable energy

SB Energy has announced that it will be investing USD four billion or Rs 30,000 crore in Gujarat, India. This investment, will be made in phases and it would be used for the development of solar energy, wind energy and other unconventional sources of renewable energy in Gujarat.

This announcement was made during a high level meeting. This meeting was attended by honorable Chief Minister of Gujarat, Vijay Rupani and executive chairman of SB Energy, Manoj Kohli.

SB Energy is a sister company of Soft Bank of Japan

It is to be noted here that SB Energy is a sister company of Soft Bank of Japan. SB Energy’s website explains its renewable energy model as,” The renewable energy projects in Japan has grown with the Feed in Tariff (FIT) scheme, however, it is only a time-bound support for the initial stage where the industry develops its infrastructure. Some countries have discontinued the scheme as the renewable energy gained competitiveness. We are faced with the challenge to build a new business model that can be sustained under the market mechanism without depending on the FIT.”

It continued, “Middle East and India have already established the renewable business that is cost competitive against the cutting-edge thermal power system.”

Gujarat’s present installed capacity of renewable energy is 8,885 MW. The state government is aiming to take it to the 30,000 MW mark by 2022. Of this 30,000 MW, the Gujarat Government will be distributing 20,000 MW within the state. The rest 10,000 MW, will be given to other states.