SoftBank, China's GCL to launch $930 mln solar project in India

Japan’s SoftBank Group Corp has teamed up with China’s GCL System Integration Technology Co to launch a $930 million Indian joint solar energy venture, Reuters reported.

The new venture will have a capacity of 4 gigawatts (GW) and will be implemented in two phases of 2GW each. SoftBank will hold 60 percent of the venture, and the remaining 40 percent will be owned by GCL.

GCL will provide technology and SoftBank will help in obtaining the land and other regulatory approvals.

SoftBank said in 2015 that it would invest up to $20 billion along with Foxconn Technology Co Ltd and Bharti Enterprises in solar projects in India, aiming to generate 100 GW of solar power by 2022.

Funding for the project will come from SoftBank’s Vision Fund, which is backed by Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi-based Mubadala, Apple Inc, and Foxconn among others.

Last May, the fund raised over $93 billion, making it the world’s largest private equity fund.

The fund recently announced it would invest in building the world’s largest solar power project in Saudi Arabia. The venture is expected to cost up to $200 billion and have a capacity to produce up to 200 GW by 2030.