SB Energy to Invest $4 Bn in Gujarat on Renewables

Further, SB Energy will be investing in the solar, wind and other unconventional sources of renewable energy.

Japan’s renewable energy firm and a sister concern of SoftBank, SB Energy Corp will be investing USD 4 billion or approx. Rs 30,000 crore in renewable energy in the state of Gujarat, said the state government release.

As per the media reports, the development was announced at a meeting between Gujarat Chief Minister Vijay Ramniklal Rupani and Manoj Kohli, Executive Chairman of SB Energy.

Further, SB Energy will be investing in the solar, wind and other unconventional sources of renewable energy.

Currently, the installed capacity of Gujarat in renewable energy stood at approx. 8.9 GW and the state government aims to scale it up to 30 GW by 2022.

As per the government release, quoted PTI, “of this 30,000 MW, 20,000 MW will be used in the state while another 10,000 MW will be given to other states. SB Energy’s announcement of investing USD 4 billion will go a long way in achieving the target.”

Besides, the Chief Minister of Gujarat also inaugurated the Global Business Services Centre of Bank of America (BoA) at Gujarat International Finance Tec-City (Gift-City) in Gandhinagar.

On the occasion, Catherine Bessant, who is the Chief Operations and Technology Officer of Bank of America, commented that it started its operations in 2004 in India, and this was its 5th unit after Hyderabad, Mumbai, Gurugram and Chennai.