SoftBank Proposes To Offer Free Electricity In India After 25 Years

Japan’s SoftBank Group Corp has proposed to supply free electricity from its projects in International Solar Alliance countries, including India, once the power purchase agreement completes 25 years.

“We are no more one nation in this mission, but 121 nations involved in bringing a change. I get involved as the chairman of task force, sharing three outcomes—solar innovation platforms, solar technology centres and connecting people with power,” Masayoshi Son, chief executive officer of Softbank Group, said during an event in Noida on Wednesday. “The capacity of the project lowers by 15 per cent in the first five years. After that the generation is maintained at 85 per cent of the project capacity for its lifetime.”

Son said he supports the Vision 2020 set by Prime Minister Narendra Modi. “Cost of solar power generation is much cheaper in India compared to the rest of the world.”

In 2015, SoftBank joined hands with Bharti Enterprises Ltd. and Taiwan’s Foxconn Technology Co. Ltd. to form SB Energy with an estimated investment plan of $20 billion in the clean energy sector. Its initial plan to set up a solar cell and module manufacturing in India hasn’t progressed much yet. Yet, SoftBank aims to invest $1 trillion by 2030 in the Indian renewable energy sector.

SoftBank Energy in May won a 200-megawatt solar project auctioned by Solar Energy Corporation of India quoting a tariff of Rs 2.82 a unit.