Softbank-backed SB Energy and Gautam Adani led- Adani Green Energy have won 840 MW of the 1,200 MW put on sale at the first wind-solar hybrid auction.
The government will go ahead with the reverse auction for its first solar and wind hybrid tender which will see the two bidders, Adani Green Energy and Softbank-backed SB Energy, competing for a cumulative capacity of 840 MW.
Solar Energy Corporation of India’s 1.2GW hybrid solar and wind auction, the first in the country, drew bids from heavyweight players Adani and Softbank, but was still undersubscribed by 150MW.
In a move that is bound to get more countries to sign up for the International Solar Alliance (ISA), the CEO of Softbank, Masayoshi Son, has pledged to provide free solar energy to India and other members of alliance in 25 years. Son’s remarks came on 3 October at a renewable energy conference in India’s National Capital Region.
Softbank has proposed to supply electricity free of cost in India once the power purchase agreement completes a period of 25 years, the Japanese conglomerate’s founder and CEO Masayoshi Son said.
Masayoshi Son, the Chief Executive Officer of SoftBank, has offered free power to India and other member countries of the International Solar Alliance once solar power projects complete 25 years.
Japanese banker SoftBank’s plan to build solar parks in a tie-up with IL&FS Energy has fallen through and no joint venture is in sight, reported Business Standard.
The Union Ministry of Power has accused SoftBank (SB) Energy of attempting to cartelise and drive up solar power tariffs at the 3,000 MW solar auction in July.
The Public Investment Fund (PIF) of Saudi Arabia, which has invested in SoftBank’s Vision Fund and ride-hailing firm Uber, is looking to invest in India’s infrastructure sector.
SoftBank founder Masayoshi Son is expected to land in India next week for a meeting with Prime Minister Narendra Modi to discuss his multi-billion dollar investment plans in the country’s solar energy sector, an official familiar with the development told Moneycontrol.