Foxconn, SoftBank and Bharti Form JV Focused at Renewable Energy in India

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Foxconn Technology Group, SoftBank Corp. and Bharti Enterprises Ltd will form a joint venture—SBG Cleantech Ltd—to promote the adoption of clean and safe energy in India.

Focusing on solar and wind energy, SBG Cleantech is committed to contributing to the Government of India's mission of 24x7 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.

Given its vast population, high irradiation, growing energy demand and power deficit, limited access to fossil fuels and a large number of unlit villages, India has great potential to be a major solar market. It has achieved a base of 3.7GW of solar power, evolved its policies and created a solar ecosystem of installers, manufacturers, developers, financiers and researchers. For a country of India's size and promise, this can only be a first step.

"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," said Masayoshi Son, Chairman & CEO of SoftBank. "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."

"At Bharti, we believe in projects that have a transformational impact on society. In line with this vision, we are participating in a renewable energy venture with SoftBank and Foxconn which has the potential to transform the Indian economy. This project will immensely contribute to the Honorable Prime Minister's vision of meeting the country's energy demands through clean sources. 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," said Sunil Bharti Mittal, Chairman, Bharti Enterprises.

Terry Gou, Founder and CEO, Foxconn Technology Group, said, "Foxconn is committed to fulfilling our social and environmental responsibilities and investing in areas that link technology with sustainable growth in a way that also protects the environment. Harnessing renewable energy is a key pillar in our SER strategy and we are excited to join our industry partners, SoftBank and Bharti, in championing clean energy solutions in India through SBG Cleantech, and supporting the country's efforts to grow its renewable energy industry."

SBG Cleantech will have Manoj Kohli, a Bharti veteran, who until recently led Bharti's emerging businesses, as executive chairman, and Raman Nanda as the CEO. The company will be headquartered in Delhi.

Solar in India is likely to grow by 250% in 2015. Globally, renewable energy outpaced the growth of fossil fuels in 2015 and a record 107GW was added through wind, solar, geothermal and other natural sources.