The head of SoftBank’s renewable energy subsidiary, SB Energy Global, says his firm is committed to growing its presence in international clean energy markets despite ongoing financial struggles at the parent company — and new ones stemming from the coronavirus pandemic.
“SoftBank is not exiting the solar business or the renewables business,” SB Energy Global CEO Raman Nanda told Greentech Media. “Our business remains strong despite COVID-19. Our investors are satisfied with our results, and we remain committed to growing this platform.”
SB Energy Global was initially launched as a joint venture between Japan-based telecommunications and internet giant SoftBank Group Corp., Indian business conglomerate Bharti Enterprises, and Taiwanese design and manufacturing services provider Foxconn Technology Group. The company says it now has a 7.7 gigawatt project pipeline in India. The Delhi-based developer broadened into the U.S. market last fall with the acquisition of 1.7 gigawatts of solar projects from Intersect Power. SB Energy Global Holdings operates independently from SoftBank’s Japanese renewable energy business.
In January, The Economic Times of India reported that SoftBank was looking to sell its majority stake in the Indian renewable energy joint venture in an effort to increase liquidity, citing unnamed sources. But SB Energy swiftly denied the report and reaffirmed its commitment to deploying 20 gigawatts of renewable energy in the country.
SoftBank and its $100 billion Vision Fund have been criticized in recent months for making risky bets on technology startups such as Uber and WeWork. These bets brought SoftBank Corp’s net losses to an expected 900 billion yen ($8.5 billion) for the fiscal year ending March 31. SB Energy operates separately from Vision Fund.*
Under mounting financial pressure, SoftBank’s CEO Masayoshi Son announced plans in March to raise as much as $41 billion from asset sales over the coming year to buy back shares and reduce debt in an effort to win back investor confidence.