China’s GCL, Softbank to launch US$930 million solar venture in India
GCL, Softbank to manufacture solar equipment in India
CHINESE firm GCL System Integration Technology Co and Japan’s SoftBank Group Corp are setting up a US$930 million Indian joint energy venture to produce solar equipment in India.
GCL will provide technology and SoftBank will assist in obtaining land and regulatory approvals, GCL said in a filing to the Shenzhen stock exchange.
The Chinese firm will own a 40 percent stake in the joint venture, with Japan’s SoftBank taking the rest. The project will have a capacity of 4 gigawatts and be involved in producing and selling solar ingots, silicon wafers, batteries and components, according to the statement.
In 2015, SoftBank said that it would invest up to US$20 billion along with Foxconn Technology and Bharti Enterprises in solar projects in India. It aimed to have a capacity of up to 20GW.
The venture is in line with India’s solar investment roadmap. India has set a target to achieve an operational solar power capacity of 100 GW by 2022 under Prime Minister Narendra Modi’s renewable energy strategy.
The country plans to have a total renewable energy capacity of 175 GW by 2022 through a mix of sources such as solar, wind, biomass and small hydro.