Mumbai, May 28, 2018: In a major boost to Government of India’s ambitious target of adding 100GW of solar power by 2022, IL&FS Energy, a subsidiary of IL&FS has partnered with SB Energy (with investments from SoftBank Group International), to jointly develop grid connected solar parks. These parks will be developed across various locations in India.
IL&FS Energy and SB Energy have agreed to facilitate the development of solar parks with aggregate capacity of over 20GW by 2025. IL&FS Energy, a subsidiary of Infrastructure Leasing & Financial Services Limited is currently one of the largest operators of conventional and renewable power projects in India and specializes in providing integrated and comprehensive professional services towards development of energy projects.
SB Energy has won bids for setting up 1400 MW solar projects in India including 300 MW at the Bhadla III Solar Park developed by “Saurya Urja Company of Rajasthan Ltd.”, a JV of IL&FS Energy and Government of Rajasthan(GoR). The development of solar parks will involve IL&FS Energy taking up the development of solar park infrastructure like substation
“The real capital of the 21st century is renewable energy and connectivity” said Mr Hari Sankaran, Vice Chairman, IL&FS Group. ÏL&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. The partnership with SB Energy is a testimony to this.”
“We truly believe that India’s developmental agenda would be fully realized through technology-led businesses. 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 endeavor. Our partnership with IL&FS leverages on the respective strengths of both institutions and will efficiently ground our target roll out plan” said Mr Manoj Kohli, Executive Chairman, SB Energy.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India's leading infrastructure development and finance companies IL&FS is promoted by pedigreed domestic and international financial institutions: Life Insurance Corporation of India, ORIX Corporation ‐ Japan, Abu Dhabi Investment Authority, Housing Development Finance Corporation Limited (HDFC), State Bank of India (SBI), Central Bank of India (CBI) and Unit Trust of India (UTI). IL&FS has a distinct mandate ‐ catalyzing the development of infrastructure in the country. The organization has focused on the commercialization and development of infrastructure projects and creation of value added financial services. From concept to execution, IL&FS houses the expertise to provide the complete array of services necessary for successful project completion: visioning, documentation, development, finance, management, technology and execution. IL&FS has broad‐based its presence in various sectors: Transportation, Energy, Maritime, Urban Infrastructure, Waste management, Education and Skill development and has operations in India and overseas.