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July 7, 2020updated 18 Aug 2020 4:53am

SoftBank may divest stake in Indian green energy firm SBG Cleantech

Japanese conglomerate SoftBank Group is reportedly in talks to sell its 80% stake in Indian green energy firm SBG Cleantech.

Japanese conglomerate SoftBank Group is reportedly in talks to sell its 80% stake in Indian green energy firm SBG Cleantech.

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Interested parties include Mubadala Investment, Brookfield Asset Management and Canada Pension Plan Investment Board (CPPIB).

SBG Cleantech is a joint venture established by SoftBank and Bharti Enterprises. The company says it has invested nearly $800m in its 7.7GW Indian solar portfolio.

According to two people with knowledge of the process, the company has appointed Bank of America and Barclays to run the sale. The banks have also raised approximately $500m through a dollar bond.

Before this, the Japanese firm appointed Mizuho Bank to find a ‘significant minority investor’ to sell its stake to.

Livemint quoted a SoftBank spokesperson as saying: “SB Energy is exploring potential co-investment partnerships to accelerate the growth of its leading renewable energy platform.

“Given recent and growing interest in environmental, social and governance investments at scale, SoftBank decided to take further steps towards identifying a growth partner. SoftBank is committed to the long-term success of SB Energy.”

Bank of America and CPPIB spokespersons declined to comment. Meanwhile, Bharti Enterprises, Mubadala, Brookfield, Barclays, and Mizuho did not respond to requests for comment.

Last August, SoftBank Vision Fund invested $110m in a Series B funding round for renewable energy storage products manufacturer Energy Vault. The funding round is Vision Fund’s first investment in energy storage.

Energy Vault used the investment to fast-track growth and speed up the worldwide deployment of its utility-scale energy storage technology.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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