SoftBank Corp. will tie up with Bharti Enterprises Pvt. and Foxconn Technology Group in a $20 billion solar power venture in India, as the nation seeks to expand clean energy output about fivefold by 2022.
The project will aim to add 20 gigawatts of solar generating capacity, SoftBank's billionaire founder Masayoshi Son said at a briefing in New Delhi on Monday. He spoke alongside Bharti's Sunil Mittal, who said SoftBank will control the venture, with Bharti and Foxconn having minority stakes.
Indian Prime Minister Narendra Modi's goal is for India to have 100 gigawatts of solar capacity to curb blackouts and pollution, up from 4.1 gigawatts now. The challenge is finding the $94 billion needed to pay for a clean-energy overhaul that reduces India's reliance on dirty, coal-fired plants. Son's venture, if successful, would account for a fifth of Modi's objective.