SoftBank Venture Wins 350 MW Project in India Solar Debut

SBG Cleantech Ltd, the clean energy joint venture company between Japan’s SoftBank Group Corp., India’s Bharti Enterprises Pvt. and Taiwan’s Foxconn Technology Group, won its first solar project in India, a government official said.

The 350 MW project is located in Ghani solar park in the southern state of Andhra Pradesh, said Tarun Kapoor, joint secretary in India’s Ministry of New and Renewable Energy. SunEdison Inc. won a 500 MW project last month at the same park with a record low bid of 4.63 rupees/kWh, which SBG Cleantech matched.

NTPC Ltd., India’s biggest utility, will buy the power from the solar park.

“The number of developers who bid for this project was lower as the project size was significant,” said Jasmeet Khurana, associate director, consulting at solar research firm Bridge to India. “This weeded out all companies that didn’t have the appetite to take up the entire capacity.”

To curb pollution and blackouts, India aims to build 100 GW of solar capacity by 2022 from a little over 4 GW at present.

©2015 Bloomberg News

Lead image: Photovoltaic solar panels. Credit: Shutterstock.

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