SoftBank chief sees free electricity in future

At the 2nd Global RE-Invest summit, Japanese conglomerate SoftBank’s chief executive Masayoshi Son said that the group will offer free electricity from solar projects within 25 years of power purchase agreement to all member countries of the International Solar Alliance

October 4, 2018

ISA, with India as a founding member, brings together over 120 nations to promote development of solar energy projects

ISA aims to mobilise US$1 trillion from public and private entities to install 1,000 GW of solar power capacity worldwide by 2030

The SoftBank chief said that the cost of solar power generation was much cheaper in India as compared with rest of the world

SoftBank is investing in technology and innovation to harness solar energy efficiently to provide free power worldwide

At the 2nd Global RE-Invest (Renewable Energy Investors’ Meet and Expo) event held in New Delhi over October 3-5, Japanese conglomerate SoftBank’s chief executive Masayoshi Son expressed the group’s support for the International Solar Alliance (ISA). Mr Son said that the group will offer free power from solar projects within 25 years of power purchase agreement to all ISA member countries. ISA, with India as a founding member, brings together over 120 nations to promote funding and development of solar energy projects. The alliance aims to mobilise investment of more than US$1 trillion from public and private enterprises to instal over 1,000 GW of solar generation capacity worldwide by 2030.

Mr Son addressed the plenary session, called #RENNOVATE, at the RE-Invest event held by the Ministry of New and Renewable Energy, He is involved as the chairman of task force, sharing three outcomes – solar innovation platforms, solar technology centres and finally connecting people with power. Mr Son said that the cost of solar power generation was much cheaper in India as compared with rest of the world, adding that he would offer free power from solar projects within 25 years of power purchase agreement to all ISA member countries. SoftBank is investing in technology and innovation to harness solar energy efficiently to provide free power to children and communities across the world.

The 2nd RE-Invest aims at accelerating worldwide effort to scale up renewable energy and connect the global investment community with Indian energy stakeholders. The event is held parallely with the First Assembly of ISA and the 2nd IORA Renewable Energy Ministerial Meeting. India is in the process of setting up renewable energy capacity of 175 GW by 2022, comprising 100 GW of solar, 60 GW wind, 10 GW biomass and 5 GW small hydro. As of June 2018, 71.3 GW of renewable capacity has been installed. Globally, India stands 5th in renewable power, 4th in wind power and 5th in solar power installed capacity. The nation possesses estimated renewable energy potential of about 1,096 GW.