Softbank Corp., the Japanese based investment and technology heavyweight, is all set to launch a 930 million USD investment in India’s highly capable solar energy market along with Chinese green energy company GCL System Integration Technology Co., Ltd. This comes amidst the backdrop of Softbank’s ambitious announcement to invest big in India’s growing solar energy industry over the next decade.
The joint venture between the two companies will mainly focus on the manufacture of photovoltaic cells, an integral component in solar panels, among other things. While GCL will focus on the technological quotient (considering it is a leading green energy company), Softbank will look into land acquisition and obtaining necessary approvals from regulatory bodies in India, a filing by GCL to the Shenzhen Exchange noted.
The joint investment will help build a capacity of 4 GW, and is expected to implemented in two instalments of 2GW each. While Softbank Corp will own 60% of the shares in the venture, GCL will own the remaining 40%. The project will be financed by Softbank Group’s Softbank Vision Fund, that has investors among the likes of Foxconn Technology Group, Apple Inc., and Saudi Arabia’s Sovereign Wealth Fund.
Softbank recently revealed its intention to invest in Saudi Arabia’s solar energy market and build the largest solar energy project, the approximate worth of which is a whopping 200 billion USD.