SoftBank, Bharti and Foxconn to invest $20 bn in solar projects

Japan's SoftBank Corp is to team up with Bharti Enterprises and Taiwan's Foxconn to invest about $20 billion in solar projects in India as the country steps up efforts to boost the renewable energy sector.

SoftBank , which has said it will invest $10 billion in India over time, said on Monday that the companies had a minimum commitment of generating 20 gigawatts of energy.

The rapidly falling cost of solar power, which is expected to reach parity with conventional energy by 2017, has ignited interest in its potential in India.

Prime Minister Narendra Modi has looked to industry for help in funding what could be a $100 billion expansion in clean energy.

Softbank Chief Executive Masayoshi Son said Foxconn will help with planned solar equipment manufacturing for the projects. The companies are looking at manufacturing equipment in India, he added.

(Reuters)