SB Energy (formerly known as SBG Cleantech), a three-way joint venture between SoftBank Group Corp, Bharti Enterprises and Foxconn Technology Group, won the NTPC bid to develop a 350 MW solar plant in Andhra Pradesh.
The NTPC bid is to develop a 350MW solar plant under the phase-II, batch-II, tranche-I of National Solar Mission at a 25-year tariff of R4.63/ kWh.The project is to be developed in the Ghani Sakunala Solar Park, Kurnool district in Andhra Pradesh, said a statement. This is SoftBank’s first step towards realising its $20-billion commitment to promote clean and safe energy in India.
“The solar project, under the flagship Jawaharlal Nehru National Solar Mission (JNNSM), is located in Andhra Pradesh in the state-owned solar park, which provides land and facilities such as roads, drainage and evacuation to developers. Winning the bid reaffirms the commitment made by SB Energy to commission 20GW in India,” the statement said.
Incidentally, this is the lowest bid this year for solar power. Last month, SunEdison won 500 MW solar power park in Andhra Pradesh at the same tariff rate. “Our goal is to create a market-leading renewable energy company, to fuel India’s growth with clean, reliable and affordable sources of energy and we could open our account today with this win,” Nikesh Arora, president & COO, SoftBank, said.
“This project will immensely contribute to the Prime Minister’s vision of meeting the country’s energy demands through clean sources and India’s commitment to providing a safe environment, following the recent Paris convention,” he added.
SB Energy is headquartered in New Delhi and has Bharti veteran Manoj Kohli as its executive chairman and SoftBank executive Raman Nanda as CEO.
Solar in India is likely to grow by 250% in 2015. Globally, renewable energy outpaced that of fossil fuels in 2015 and a record 107 GW was added through wind, solar, geothermal and other natural sources.