AP to partner with Japanese Softbank for solar power projects

JICA and JBIC also willing to fund the 4,000 mw ultra super critical thermal power project in the state

Andhra Pradesh chief minister N Chandrababu Naidu on Monday said Japanese Softbank had indicated its willingness to fund about 10,000 Mw of solar power in India.

Giving details of his week-long tour to Japan that concluded on Saturday, Naidu said he had invited Softbank to partner with Andhra Pradesh in its ongoing plan for the development of 2,500 Mw solar power in addition to the new investment proposals.

According to the chief minister, Softbank Corp chairman and CEO Masayoshi Son also expressed his readiness to establish research and manufacturing facilities in Andhra Pradesh so as to bring down the cost of solar power. “The cost of solar power has already come down to around Rs 6 per unit and if we can further bring it down to Rs 4 then we will be able to create a revolution of sorts in the energy sector,” Naidu said.

Stating that his tour was successful in building the trust and the confidence with the Japanese investors as he was looking at a long term relationship with the Japanese investor community. He further said that it will be his endeavour to take AP as the top Indian investment destination for Japanese firms from the present third position.

He said the Japanese lending institutions like JICA and JBIC are willing to fund the 4,000 mw ultra super critical thermal power project being proposed in joint venture with the Sumitomo Corporation at low interest rates.

Apart from the six MoUs AP had signed during Naidu's tour in Japan some more initiatives including a likely MoU between Yokohama an Kakinada cities, entry of Japanese retail majors among other things are also in the offing, Naidu said.

Responding to a question he said the state government would develop the port infrastructure apart from establishing exclusive container ports at Vizag and Krishnapatnam as AP would potentially become a logistic hub for Southeast Asia.