SoftBank, Essel to Jointly Develop 500 MW Solar Park in India

- Advertisement -
- Advertisement -

The agreement will enable Softbank to expand its portfolio and expedite plans to invest $1 trillion in India’s solar sector by 2030

SoftBank’s domestic arm SB Energy has reportedly signed a deal with Essel Infraprojects to jointly develop a 500 megawatt solar power plant in Rajasthan.

Though the details of the deal have not been released, it is said that the investment will help reduce the time needed to build the plant, from an estimated 12-15 months to less than six months.

- Advertisement -

The new agreement will enable Softbank Group to expand its presence in the Indian solar energy space and expedite plans to invest $1 trillion in India’s solar sector by 2030.

Softbank’s solar projects in India

SB Energy is the Softbank’s joint venture with Bharti Enterprises and Taiwan’s Foxconn Technologies. In June 2015, the three companies had joined forces to form SBG Cleantech (later changed to SB Energy) and the Japanese investment powerhouse had committed to invest $20 billion in Indian solar energy sector.

Earlier this month, SoftBank CEO Masayoshi Son has pledged to provide free solar energy to India and other members of the International Solar Alliance (ISA) in 25 years. He made the remarks at a renewable energy conference in India’s National Capital Region.

The 25-year deadline is because Softbank’s contracts to supply energy to ISA countries via a power purchasing agreement expire in 2043.

In addition, NHK, a Japanese broadcaster, in a report published June this year had reported that Softbank was planning to invest upto $100 billion in India’s solar energy sector.

In May this year, SoftBank Group had partnered with the now crippled infrastructure conglomerate IL&FS to develop over 20 gw solar capacity in the country by 2025.

SB Energy has already won bids for setting up 1400 mw of projects in the country, including 300 mw in the Bhadla III Solar Park being developed by Saurya Urja Company of Rajasthan, a joint venture of IL&FS Energy and Rajasthan.

In December 2015, SB Energy made its India debut by winning a 350 MW project in Andhra Pradesh’s Kurnool district. The plant was commissioned in March 2017, 51 days ahead of schedule.

Essel Infraprojects focusing on development of solar assets

Essel Infraprojects, a part of the Subhash Chandra-led Essel group, is into developing large infrastructure projects across multiple sectors, including renewables. It has plans to expand its solar power portfolio by developing its own parks across the country.



- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

5G RedCap To Transform IoT Module Shipments

0
Over 60% of IoT module shipments will originate from the Asian & Oceania region. Automotive sector is expected to be a significant driver. The...
XR Headset Quest 3, Meta

Global XR Headset Shipments See A Major Decline, Sony Rises

0
Sony grabbed a market share of 24% in 2023 up from 1% in 2022. Bulky form factor, and lag, hinder adoption by serious...

Buzz

Tenstorrent- RISC V cores

MosChip Collaborates With Tenstorrent For Advanced RISC-V Cores

0
Tenstorrent has selected Moschip due to their tape out expertise in design services. India’s MosChip Technologies has announced partnership with computing company Tenstorrent and to...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Important Sectors

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Subsidy Cuts Push E2W Makers Towards Budget Models

0
Electric two-wheeler manufacturers face reduced government subsidies and growing competition from established petrol vehicle brands in the upcoming fiscal year. These challenges compel them...

Nissan To Invest In Renault’s Ampere For EV Roadmap

0
The alliance aims to introduce both five-seater and seven-seater models for each brand in India. Japan's Nissan Motor has committed to investing in Renault's electric...

Manufacturing

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...