SoftBank plans $60-100 bn investment in solar in India: report by Staff Writers Tokyo (AFP) June 15, 2018 Japan's SoftBank is planning to invest between $60-100 billion in a solar power project in India, a Japanese report said Friday, as the firm looks to expand its interests into various sectors. The report by public broadcaster NHK comes after SoftBank announced in March it would partner Saudi Arabia on a multi-billion dollar solar project that the company's founder called the largest in the world. NHK said the massive investment in India would be funded jointly by SoftBank and Saudi Arabia, which have already partnered to create the Vision Fund investment vehicle. A spokesman for SoftBank declined to comment on the report. NHK said the deal would likely be announced by SoftBank and the Indian government after details were finalised, without giving a timeline. Under CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business. In recent years it has completed deals with the likes of French robotics firm Aldebaran and e-commerce Chinese giant Alibaba. In March, Son said it would fund the "largest solar project ever", in Saudi Arabia. The project aims to generate 200 gigawatts of energy by 2030, with building beginning in 2018 and operations to start the following year. The entire project is expected to cost $200 billion, with the first phase costing $5 billion. SoftBank's $100-billion Vision Fund, created in 2016 with money from Saudi and other investors, will contribute $1 billion to the first phase. kap/sah/dan/ceb
EU sets higher target for renewable energy by 2030 Strasbourg, France (AFP) June 14, 2018 The EU agreed Thursday to raise its consumption target from wind, solar and other renewable energy sources, aiming for 32 percent by 2030 rather than the previous 27 percent. But environmentalists said the provisional deal between the 28 European Union countries, the European Parliament and the European Commission, the EU's executive arm, was not ambitious enough to fight climate change. EU climate and energy commissioner Mighuel Arias Canete said: "I am particularly pleased with the new Europe ... read more
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