Bharti, Softbank And Foxconn Form JV On Renewable Energy

softbank-bharti-foxconnMaking a diversion from their core business areas, three major global telecom firms – Bharti Enterprises, Softbank and Foxconn- formed a joint venture to foray into renewable energy. The JV has been named as SBG Cleantech and it will invest in solar and wind energy projects to promote clean and safe energy.

As per unconfirmed reports, the JV would invest around $ 20 billion in creating the infrastructure, generating new energy and promote the usage of it.

The JV – SBG Cleantech – will be headquartered in New Delhi and Bharti veteran Manoj Kohli will be its Executive Chairman. It can be recalled that Kohli has very recently quit from Bharti Airtel Board. A statement also said that Raman Nanda will be the new company’s CEO.

Indian Prime Minister Narendra Modi has set a target of 100GW solar and 60GW wind production by 2022, and the venture will invest in and develop renewable energy plants across India, a statement said.

“SBG Cleantech is committed to contributing to the Government of India’s mission of 24×7 power for all and the renewable energy target by 2022. The company intends to participate in the 2015-16 round of solar power plant tenders ‎under the National Solar Mission (NSM) program and state-specific solar programs,” the statement added.

“Our eyes are trained on India, given the vast potential that the country offers. We have already made considerable investments in the technology sector here. With this partnership, our goal is to create a market-leading ‎clean energy company, to fuel India’s growth with clean and renewable sources of energy. 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,” said Masayoshi Son, Chairman & CEO of SoftBank.

“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,” Bharti Group Chairman Sunil Bharti Mittal said.

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