【Company】SoftBank ties up with Bharti, Foxconn for $20-bn clean energy venture in India

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SoftBank Corp.("SoftBank"), Bharti Enterprises Limited("Bharti") and Foxconn Technology Group("Foxconn"), came together with plans to form a joint venture, SBG Cleantech Limited("SBG Cleantech") to promote the adoption of clean and safe energy in India.

Following the Indian Prime Minister's 100GW solar and 60GW wind target by 2022, the venture will invest in and develop renewable energy plants across India. Given its vast population, high irradiation, growing energy demand and power deficit, limited access to fossil fuels and a large number of unlit villages, India has great potential to be a major solar market.

Masayoshi Son, Chairman & CEO of SoftBank, said, "Our eyes are trained on India, given the vast potential that the country offers. We have joined hands with Bharti Enterprises and Foxconn, two leaders in their respective markets for this venture that will propel India into the future.”

Added Sunil Bharti Mittal, Chairman, Bharti Enterprises, "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."

Terry Gou, Founder and CEO, Foxconn Technology Group, said, "We are excited to join our industry partners, SoftBank and Bharti, in championing clean energy solutions in India through SBG Cleantech, and supporting the country's efforts to grow its renewable energy industry.”

Solar in India is likely to grow by 250% in 2015. Globally, renewable energy outpaced the growth of fossil fuels in 2015 and a record 107 GW was added through wind, solar, geothermal and other natural sources.
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