Home >Industry >Energy >IL&FS, SB Energy in joint venture to set up solar parks

Mumbai: IL&FS Energy, a subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS) Group has partnered with SoftBank-owned SB Energy to jointly develop grid-connected solar parks, the two companies said in statement.

These parks will be developed across various locations in India, the statement said.

IL&FS Energy and SB Energy have agreed to facilitate the development of solar parks with aggregate capacity of over 20 gigawatts (GW) by 2025.

IL&FS Energy operates conventional and renewable power projects in India and specializes in providing integrated and comprehensive professional services towards development of energy projects.

“IL&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," said Hari Sankaran, vice-chairman, IL&FS Group.

SB Energy has won bids for setting up 1,400 megawatts (MW) solar projects in India including 300 megawatts at the Bhadla III Solar Park developed by Saurya Urja Co. of Rajasthan Ltd, a joint venture of IL&FS Energy and Government of Rajasthan.

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, the statement said.

SB Energy will take up the installation, engineering procurement and construction (EPC), and financing of solar projects at these locations.

“We truly believe that India’s developmental agenda would be fully realized through technology-led businesses. The 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 at SB Energy.

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