SoftBank’s SB Energy secures 600 MW at Rs 2.5 per unit to push India closer to their goal of 100 GW of solar by 2022
India auctioned off 1.2 GW of solar capacity and the Japanese company SoftBank’s subsidiary SB Energy scored their largest win at Rs 2.50 per unit. Bidders were offering to install up to 3.5 GW capacity. SB Energy has secured 600 MW of solar power capacity in the recent polar power auction by the Solar Energy Corporation of India.
This auction purchase will help them accomplish their goal of securing 20 GW for their joint venture with Bharti Enterprises and Foxconn. As a majority partner in this venture, SoftBank is hoping to see its renewable energy subsidiary take off beyond its various projects in Japan.
India is ambitiously pursuing their goal of 100 GW of solar capacity in India by 2022. Acme sold 600 MW to Actis expanding its portfolio in India. SB Energy hopes to be a key piece of this process.
“The real target for companies with a long-term vision to be a global leader would be to build 100 GW. Within the next 10 years, we will see 100 GW companies in renewables or even in just solar. We are prepared to be one of them.â€
CEO of SB Energy Raman Nanda
As of now, there are no plans for SB Energy to take on any more investors or begin to divest stake. They are confidently funded and prepared to grow in the upcoming years. SB Energy is also focusing on all aspects of renewable energy and the potential for projects across the globe.
They recently entered the United States and are looking into other countries to begin a large scale solar and wind hybrid project. SB Energy is not just focusing on solar, but renewable energy as a whole including wind, biomass, geothermal, and hydroelectric.
Although SB Energy was the largest winner of the auction in India, other companies are also breaking into the market. AMP was able to secure 100 MW of solar capacity and EDF won 300 MW, both matching the lowest bid of Rs 2.50 per unit. Renew Power also got 200 MW at Rs 2.51 per unit.
These prices are meant to give developers the freedom to increase the rates based on the safeguard duty or any other duty. With changes like this, SB Energy and various other solar developers are helping India achieve its renewable energy goals.
