India to get free solar power; biggest investor in Indian start-ups makes this commitment
On the occasion of Gandhi Jayanti, Narendra Modi rekindled the commitment to harness the solar power and said that the target is to increase its solar capacity to 100 giga watt by 2022 from 23 giga watt at present.
Softbank, the biggest investor in many Indian start-ups, has vowed to provide free solar power to International Solar Alliance (ISA), of which India is also a member. Softbank Chief Executive Officer Masayoshi Son has committed to providing free power to all members of the ISA after completion of 25 years of power purchase agreement (PPA) with them.
“Cost of Solar power generation is much cheaper in India compared to rest of the world. I will give free power from solar power projects after 25 years of PPA (power purchase agreement) to all ISA member countries,” Masayoshi Son, CEO, Softbank Group was quoted as saying by news agency PTI.
He added that free solar power is not merely a dream but that the company has the resources to make it happen. Masayoshi Son also made a special presentation on Prime Minister Narendra Modi’s aim of 100% household electrification. He said that ISA has been an important part of Modi’s leadership and his 100% electrification of villages and households under Saubhagya is a great mission.
In India, solar energy prices have been falling. In May last year, the solar power price dropped to historic low at Rs 2.44/unit. However, on occasion of Gandhi Jayanti, Narendra Modi rekindled the commitment to harness the solar power and said that the target is to increase its solar capacity to 100 giga watt by 2022 from 23 giga watt at present.
Sofbank has invested in Indian start-ups Paytm and Ola and was until recently a big financial backer in Flipkart. It also invested $1 billion in hotel chain OYO Hotels.