IL&FS Energy, a subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS) has partnered with SB Energy of the SoftBank Group, to jointly develop grid-connected solar parks across various locations in India.
The two firms have IL&FS Energy, one of the leading operators of conventional and renewable power projects in India along with SB Energy haveagreed to facilitate the development of solar parks with aggregate capacity of more than 20 GW by 2025.
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100 GW target
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The Centre has set an ambitious target of adding 100 GW of solar power by 2022. SB Energy has won bids for setting up 1,400 MW solar projects in India including 300 MW at the Bhadla III Solar Park developed by the Saurya Urja Company of Rajasthan Ltd., a joint venture between IL&FS Energy and the Government of Rajasthan. “ÏL&FS is making every effort to transcend its traditional business model of asset creation to a model of infrastructure service provision,” said Hari Sankaran, vice chairman, IL&FS Group.
The development of solar parks will involve IL&FS Energy taking up the development of solar park infrastructure such as substations, grid connectivity and arrangements for long-term access for power evacuation in addition to other value-added services, as per the deal.
SB Energy will take up the installation, engineering, procurement, construction and financing of solar projects at these locations, said a statement.
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“We truly believe that India’s developmental agenda would be fully realised through technology-led businesses. Government of India's thrust on renewable energy is an important component of this agenda and SoftBank is eager to be a stakeholder in this endeavour.Our partnership with IL&FS leverages on the respective strengths of both institutions and will efficiently ground our target roll out plan” said Manoj Kohli, executive chairman, SB Energy.