Softbank’s Masayoshi Son offers free solar power to India
SoftBank Chief Executive Masayoshi Son has offered to supply free electricity to International Solar Alliance (ISA) member countries, including India, once the contract to supply power expires after 25 years. SBG Cleantech, a joint venture between SoftBank, Bharti Enterprises and Foxconn Technology, has been active in India’s emerging clean economy.
Speaking at the second Re-Invest conference in Greater Noida, he said SoftBank would offer free power from solar power projects after a Power Purchase Agreement of 25 years.
He added that the lifecycle span of a solar power project extends to over 80 years. After a decline in the capacity over the first five years, it generates electricity at 85 percent for the rest of its project life, says The Hindu Business line.
This announcement comes in the wake of International Solar Alliance (ISA)’s focus on “universalising” the membership making all United Nations members eligible for its services. This will help the inclusion of countries like Germany, Italy, Spain, Tunisia, Nepal and Afghanistan join the 70 countries who have signed the agreement
As long as you have the land and sunshine, as long as you have the eyes and ears listening to me, I will give you free power, he said.
The cost of solar power generation is much cheaper in India compared to the rest of the world, owing to India’s solar power price which is at Rs 2.44 per unit, reported Livemint recently.
Prime Minister Narendra Modi on Tuesday said that India has emerged as the most favourable investment destination for renewable energy companies, with commitments of around $42 billion. Over the next four years, the green energy sector has a business potential of around $70-$80 billion.