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Japan's SoftBank to invest up to $100 billion in Indian solar - NHK

Reuters  |  TOKYO 

(Reuters) - Corp has decided to invest $60 billion-$100 billion in solar power generation in India, Japanese reported on Friday.

SoftBank and the are expected to reach a formal agreement soon after final arrangements are made, the report said without naming its sources.

The company is expected to make the investment through a fund backed by Saudi Arabia's government, said. is the largest investor in SoftBank's Vision Fund, which raised over $93 billion last year.

A SoftBank declined to comment.

In 2015 SoftBank pledged to invest $20 billion in Indian solar projects with a goal of generating 20 gigawatts (GW) of as the majority partner in a joint venture with India's and Taiwan's

Last month SoftBank secured 200 megawatts of solar capacity at an auction in the southwestern state of

In April it teamed up with China's on a $930 million Indian venture.

has set a target to achieve an operational solar power capacity of 100 GW by 2022, five times current levels, under Narendra Modi's strategy.

has exposure to through its investment in the world's largest such project in announced in March.

(Reporting by and Kaori Kaneko, Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 15 2018. 08:31 IST