Japan's SB Energy Corp to invest Rs 28,500 crore in renewables in Gujarat

The state, which currently has a generation capacity of 8,885 Mw in renewables, is seeking to raise the generation capacity to 30,000 Mw by 2022

Japanese renewable energy firm, SB Energy Corp, is set to invest $4 billion, or roughly Rs 28,500 crore, to set up power generation capacity in Gujarat, the state government said on Friday.

According to an official communique issued by the Gujarat Government, Manoj Kohli, executive chairman of SoftBank announced an intent to invest up to $4 billion after meeting with state chief minister Vijay Rupani.

"The group has invested about $11 billion in the country and this $4 billion investment would help set up a new benchmark," the statement read.

Gujarat, which currently has a generation capacity of 8,885 Mw in renewables, is seeking to raise the generation capacity to 30,000 Mw by 2022, it further stated.