IL&FS Energy has joined hands with SB Energy, a SoftBank Group company, to develop grid-connected solar parks across India.
IL&FS Energy and SB Energy will facilitate the development of solar parks with aggregate capacity of more than 20 GW by 2025.
The India Government has set a target of adding 100 GW of solar power by 2022.
SB Energy has won bids for setting up 1,400 MW solar projects in India including 300 MW at the Bhadla III Solar Park developed by the Saurya Urja Company of Rajasthan, a joint venture between IL&FS Energy and the Government of Rajasthan.
“IL&FS is making every effort to transcend its traditional business model of asset creation to a model of infrastructure service provision,” said Hari Sankaran, vice chairman, IL&FS Group.
IL&FS Energy, as part of the agreement, will be developing solar park infrastructure such as substations, grid connectivity and arrangements for long-term access for power evacuation in addition to other value-added services.
SB Energy will handle the installation, engineering, procurement, construction and financing of solar projects at these locations.
“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, SB Energy.