SoftBank, IL&FS to jointly develop 20 GW of Indian solar - report
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Japanese conglomerate SoftBank Group Corp (TYO:9984) have joined forces with India's Infrastructure Leasing & Financial Services Ltd (IL&FS) to develop over 20 GW of grid-connected solar projects across India by 2025, the Economic Times reported today.
The joint venture will be between SB Energy and IL&FS Energy, and is expected to be formally announced this week, maybe as early as Monday, according to the report.
Under the proposed agreement, IL&FS Energy will be providing services such as development of substations and power evacuation arrangements, while SB Energy will be responsible for financing and engineering, procurement and construction (EPC).
The plan has been confirmed to the daily by Manoj Kohli, SB Energy's executive chairman. It could be part of SoftBank's commitment, made in 2015, to invest up to USD 20 billion (EUR 17.1bn) together with Bharti Enterprises and Foxconn Technology Co Ltd (TPE:2354) in Indian solar projects, the Economic Times said. SB Energy has already won 1.4 GW of projects in the country.