Softbank-Bharti renewable JV looks to raise up to $750 million

SoftBank-backed renewable energy firm SBG Cleantech is set to reach out to financial and strategic investors to raise capital to fund its ongoing and pipeline projects in India and the US.

SB Energy, the renewable energy arm of SoftBank, has mandated Bank of America Merrill Lynch and Barclays to help raise $500-$750 million in SBG Cleantech, it’s 80:20 joint venture with Bharti, multiple people aware of the development said.

Formal outreach to potential investors – global utilities, infrastructure-focused PE funds, pension and sovereign wealth funds (SWFs) – will start in the coming weeks, they said. On offer is the JV’s entire global portfolio, except Japan, where Soft-Bank’s renewable projects are owned by a separate entity.

Confirming the development, a SoftBank spokesperson told ET, “SB Energy is exploring potential co-investment partnerships to accelerate growth of its leading renewable energy platform.”

Reiterating its commitment to the venture, the person said, “SoftBank is fully committed to its long-term ownership of SB Energy and has no plans to divest the business.”

ET Energy World
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