Indian energy conglomerate National Thermal Power Corporation (NTPC) has awarded SB Energy a 350MW solar power project, which will be developed in the state of Andhra Pradesh.
SB Energy represents a joint venture formed by Japanese green energy developer SoftBank, Taiwan’s Foxconn Technology Group and Indian Bharti Enterprises in June, which was initially named as SBG Cleantech.
The JV had committed to $20bn investment for setting up renewable energy projects in India.
The new solar plant will be developed under the Phase-II, Batch-II, Tranche-I of Jawaharlal Nehru National Solar Mission (JNNSM) in the country at a 25-year tariff of Rs4.63/kWh.
It will be based in the state-owned Ghani Sakunala solar park in the Kurnool District of the Indian state.
SoftBank president and chief operating officer Nikesh Arora said: "Our goal is to create a market-leading renewable energy company, to fuel India’s growth with clean, reliable and affordable sources of energy.
"This project will immensely contribute to the Hon’ble Prime Minister’s vision of meeting the country’s energy demands through clean sources and India’s commitment to providing a safe environment, following the recent Paris convention."
Around 195 nations had signed a ‘global climate change deal’ at the convention recently as part of efforts to bring down worldwide greenhouse gas emissions.
India also intends to strengthen its renewable power generation capacity, with solar energy generation in the country likely to grow by 250% this year.