SoftBank, China’s GCL team up for $930 million Indian solar venture

Japan’s SoftBank Group Corp has agreed to launch a $930 million Indian joint solar energy venture with Chinese firm GCL System Integration Technology Co as part of its India solar investment roadmap.

The venture will work on photovoltaic technology, which is used in solar panels. GCL will provide technology and SoftBank will assist in obtaining land and regulatory approvals, GCL said in a filing to the Shenzhen stock exchange dated Friday.

SoftBank said in 2015 that it would invest up to $20 billion along with Foxconn Technology and Bharti Enterprises in solar projects in India and aimed to have a capacity of up to 20 gigawatts (GW).

India has set a target to achieve an operational solar power capacity of 100 GW by 2022, five times current levels, under Prime Minister Narendra Modi’s renewable energy strategy.

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