Saudi Arabia is the largest investor in SoftBank’s Vision Fund, which raised over US$ 93 billion in 2017
SoftBank Group Corp. is a Japanese multinational holding conglomerate headquartered in Tokyo, Japan. The company is expected invest through a fund backed by Saudi Arabia’s government. SoftBank Group Corp will be investing around US$ 60 billion – US$ 100 billion in solar power generation in India. Japan’s internet conglomerate and the Indian government are expected to reach a formal agreement soon after final arrangements are made, according to the reports.
The company is expected to make the investment through a fund backed by Saudi Arabia’s government. Saudi Arabia is the largest investor in SoftBank’s Vision Fund, which raised over US$ 93 billion in 2017. Furthermore, in 2015, SoftBank planned to invest US$ 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.
In May 2018, SoftBank secured 200 megawatts of solar capacity at an auction in the southwestern state of Karnataka. In April 2018, the company collaborated with China’s GCL System Integration Technology Co Ltd accounting for US$ 930 million Indian solar energy venture. India has set a target to achieve an operational solar power capacity of 100 GW by 2022, five time current levels, under Prime Minister renewable energy strategy. Moreover, 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 2018.