Japan-based green energy developer SoftBank and Taiwan’s Foxconn Technology Group have teamed-up with Bharti Enterprises for a $20bn renewable venture in India.
The new joint venture (JV) will be known as SBG Cleantech, with the partners planning to set-up solar and wind power projects totalling 20GW in the country.
SoftBank chairman and CEO Masayoshi Son said: "With this partnership, our goal is to create a market-leading clean energy company, to fuel India’s growth with clean and renewable sources of energy."
SBG Cleantech will be based in Delhi and will initially be a part of the 2015-16 round solar power plants tenders under the National Solar Mission (NSM) programme and state-specific solar projects.
The joint venture will take advantage of clean and safe energy prospects in India, as the country plans to have solar and wind installed capacity of 100GW and 60GW respectively by 2022.
Bharti Enterprises chairman Sunil Bharti Mittal said: "This project will immensely contribute to the prime minister’s vision of meeting the country’s energy demands through clean sources.
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"Just as mobile phones have connected every Indian, renewable power has the potential to provide every Indian with access to electricity, SBG Cleantech underlines our commitment to India’s growth plans not only by eliminating energy deficit, but also providing clean environment to the future generations of India."
The majority stake for SBG Cleantech will be owned by SoftBank, with Bharti and Foxconn sharing the rest.