Bharati, Softbank and Foxconn have come together to make investment in cleantech startups in India. They have formed joint ventured fund SBG Cleantech which will focus on solar and wind energy. The joint venture announcement is followed by Indian prime minister’s announcement to achieve 100GW solar and 60GW wind targets for India by 2022. This can help it in achieving its set goals to make India, a popular destination for users.
Speaking about it details, Masayoshi Son, SoftBank chairman and CEO said, “We have already made considerable investments in the technology sector in India. 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.”
SBG Cleantech plans to participate in the 2015-16 rounds of solar power plant tenders under its national and state focused solar mission programs.
Presently, Indian demography offers rich chances to emerge as major solar market. Its huge population, growing energy demand and power deficit, fossil fuels scarcity and number of villages. India has registered growth base of 3.7 GW of solar power, solar ecosystem including developers, financiers, researchers, manufacturers’ installers. According to recent input Indian Solar Handbook is set to grow by over two times in 2015.
Infuse Venture, founded by Indian Institute of Management in Ahmedabad is another Cleantech fund. It had secured US$18 million last year. It had invested in Proklean which uses bacterial technology to make natural, non-toxic products, biodegradable, textile processing to replace or reduce the chemicals.
Manoj Kohii, business head of Bharti will be executive chairman of Cleantech and Ramesh Nanda, senior Executive with Softbank will be its CEO. The fund will be based in Delhi. The fund will be providing assistance in enhancing solar and wind power use. The fund is likely to bring changes to present energy production scenario.