A unique solar project in Andhra Pradesh to be created on the back of a three-way joint venture holds great promise for the sector.
An innovative international joint venture between Indian conglomerate Bharti Enterprises, Japan’s SoftBank Corp, and Taiwan-based Foxconn Technology Group, SBG Cleantech Ltd, has bagged a landmark 350MW solar power project in Andhra Pradesh.
SBG Cleantech won the project under the Jawaharlal Nehru National Solar Mission (NSM), marking a major leap forward in the Indian government’s Solar India programme.
India’s solar power tariff touched a record-low of Rs.4.63 last month when US-based SunEdison Inc. won a 500MW tender put out by state-run NTPC Ltd in Andhra Pradesh under the same NSM scheme.
This is the first renewable energy project that SBG Cleantech Ltd has won in India since the venture was set up in June after SoftBank Corp pledged to invest least $20 billion in solar energy projects in India. It marks SoftBank’s official entry into India’s mega solar potential.
The entire 350MW capacity is intended for a single project inside the solar park developed by NTPC, which will also be the buyer of the power produced from the plant.
India has raised its 2022 solar energy target to 100 GW from 20GW as part of the government’s efforts to lower dependence on coal-fuelled electricity.
According to India’s power and coal minister Piyush Goyal, the International Solar Alliance (ISA) of over 120 countries, which was launched at the Global Climate Summit in Paris, will “spearhead world efforts on solar energy”.
“India has a long tradition of harmonious co-existence between man and nature and will be a Jagat Guru for world adopting a sustainable lifestyle,” he said.
Above Article was first published in India Inc.’s India Investment Journal