<article><p>SoftBank Group Corp has agreed to launch a $930 million Indian joint solar energy venture with Chinese firm GCL System Integration Technology Co Ltd as part of its ambitious India solar investment roadmap.</p></article>

<p>SoftBank Group Corp has agreed to launch a $930 million Indian joint solar energy venture with Chinese firm GCL System Integration Technology Co Ltd as part of its ambitious India solar investment roadmap.</p>
<p>The venture will work on photovoltaic technology, which is used in solar panels. GCL will provide technology and SoftBank will assist is obtaining land and regulatory approvals, GCL said in a filing to the Shenzhen stock exchange dated Friday.</p>
<p>SoftBank said in 2015 that it would invest up to $20 billion along with Foxconn Technology Co Ltd and Bharti Enterprises in solar projects in India, which has a goal of generating 100 gigawatts (GW) of power from solar by 2022.</p>
<p>SoftBank and GCL’s new venture will eventually have a capacity of 4GW and will be implemented in two 2GW phases.</p>
<p>The Japanese firm will hold 60 percent of the venture’s shares and GCL will own 40 percent.</p>
<p>Funding for the project will come from SoftBank’s Vision Fund, which counts Apple Inc, Foxconn and Saudi Arabia’s sovereign wealth fund among its backers.</p>
<p>As of last May, it had raised over $93 billion, making it the world’s largest private equity fund.</p>
<p>The fund recently announced it would invest in building the world’s largest solar power project in Saudi Arabia &#8211; a project expected to cost up to $200 billion and have a capacity to produce up to 200 GW by 2030.</p>
<p>GCL shares were up 4.7 percent at 0357 GMT (11.57 p.m ET), after earlier rising almost 6 percent to their highest since December.</p>
<p><strong>Reuters</strong></p>
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SoftBank and GCL’s new venture will eventually have a capacity of 4GW and will be implemented in two 2GW phases.

SoftBank, China's GCL join hands for $930m Indian solar venture

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SoftBank, China's GCL join hands for $930m Indian solar venture

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