Softbank mulling investment in 500-MW PV project in India - report

SB Energy Corp, the renewable energy arm of Japan’s SoftBank Corp (TYO:9984), is expected to sign a deal to invest in a 500-MW solar project in India, being developed by Essel Infra Projects Ltd, the Economic Times reports.

According to sources familiar with the matter, cited by the business daily, the photovoltaic (PV) park will be located in the state of Rajasthan. The potential investment will speed up implementation of the project, cutting construction time from 12-15 months to less than six months, said an unnamed executive involved in the deal, as cited by the daily.

The deal has been confirmed by Essel Group’s spokesperson, while SoftBank has declined to comment.

Essel Group has 750 MW of solar capacity in the early development stages in Rajasthan. The 500-MW project targeted by SoftBank is part of this portfolio, according to the report.

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