In a major boost to Government of India’s ambitious target of adding 100 GW of solar power by 2022, IL&FS Energy, a subsidiary of IL&FS has partnered with SB Energy (with investments from SoftBank Group International), to jointly develop grid connected solar parks. These parks will be developed across various locations in India.
IL&FS Energy and SB Energy have agreed to facilitate the development of solar parks with aggregate capacity of over 20GW by 2025. IL&FS Energy, a subsidiary of Infrastructure Leasing & Financial Services Limited is currently one of the largest operators of conventional and renewable power projects in India and specializes in providing integrated and comprehensive professional services towards development of energy projects.
SB Energy has won bids for setting up 1400 MW solar projects in India including 300 MW at the Bhadla III Solar Park developed by “Saurya Urja Company of Rajasthan Ltd.”, a JV of IL&FS Energy and Government of Rajasthan(GoR). The development of solar parks will involve IL&FS Energy taking up the development of solar park infrastructure like substations, grid connectivity and arrangements for long term access for power evacuation in addition to other value added services. SB Energy will take up the installation, EPC and financing of solar projects at these locations. This arrangement will therefore result in a “plug and play” solution for SB Energy.
“The real capital of the 21st century is renewable energy and connectivity” said Mr Hari Sankaran, Vice Chairman, IL&FS Group. ÏL&FS is making every effort to transcend its traditional business model of asset creation to a model of infrastructure service provision. This transition is in keeping with the requirements of the sector and will help the Group leverage on its rich experience and track record. The partnership with SB Energy is a testimony to this.”
“We truly believe that India’s developmental agenda would be fully realized 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 endeavor. Our partnership with IL&FS leverages on the respective strengths of both institutions and will efficiently ground our target roll out plan” said Mr Manoj Kohli, Executive Chairman, SB Energy.