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Japan's SoftBank will reportedly invest up to $100 billion in Indian solar power project

  • SoftBank has decided to invest $60 billion-$100 billion in a solar power project in India, Japanese public broadcaster NHK reported on Friday.
SoftBank Group Corp. Chairman and CEO Masayoshi Son speaks during a press conference on May 9, 2018 in Tokyo, Japan.
Tomohiro Ohsumi | Getty Images
SoftBank Group Corp. Chairman and CEO Masayoshi Son speaks during a press conference on May 9, 2018 in Tokyo, Japan.

SoftBank Group has decided to invest $60 billion-$100 billion in a solar power project in India, Japanese public broadcaster NHK reported on Friday.

SoftBank and the Indian government are expected to make an announcement soon after final arrangements and made, the report said.

The company is expected to make the investment through a fund backed by Saudi Arabia's government, NHK said.

A SoftBank spokesman declined to comment.

In 2015 SoftBank pledged to invest $20 billion in Indian solar projects with a goal of generating 20 gigawatts (GW) of energy as the majority partner in a joint venture with India's Bharti Enterprises and Taiwan's Foxconn.

And in April SoftBank teamed up with China's GCL System Integration Technology on a $930 million Indian solar energy venture.

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.

SoftBank's Vision Fund has exposure to solar energy through its investment in the world's largest such project in Saudi Arabia announced in March.