SoftBank plans to sell 70% stake in Indian renewable energy venture

Japanese Fintech giant, SoftBank Group Corp. is apparently planning to sell its majority shares in its Indian renewable energy joint venture, SBG Cleantech. This move by the organization is a part of its endeavors to raise cash amid major setbacks.
At the moment, SoftBank is also taking into consideration other alternative options, including outrightly selling all the 70% shares in renewable energy venture in India.
SoftBank has been organizing discussions with some Silicon Valley technology behemoths and sovereign wealth and pension funds from the Far East and Gulf regions, some of which are limited partners of the company. The company has been seeking a partner, which can offer an equity commitment of $1.5-$2 billion for execution and completion of 7 gigawatts of renewable projects all across the world. However, the discussion is still at an initial stage and may possibly not turn into a deal.
Raman Nanda, the CEO, SB Energy, was reportedly quoted saying that the company evaluates all the available options to increase external capital as a part of business strategy.
SoftBank has been dealing with revived investor scrutiny after bailing out one of its key portfolio companies, office-sharing firm WeWork, for around $10 billion. The attempts of the company to bail out WeWork seems to appear complex after speculations to secure $3 billion from the 3 largest banks of Japan stalled.
SBG Cleantech is in collaboration with Foxconn Technology Group and Bharti Enterprises. As per reliable sources, SoftBank has invested around $500-$600 million in the joint venture. The JV secured its first solar plant order in India in the year 2015.
SBG Cleantech majorly has operating assets in India but has footprints across the Middle East, Latin America, and the U.S. through biddings and acquisitions.
In 2015, India, the third-largest carbon emitter in the world, had targeted to extend its solar power capacity by five times to 100,000 megawatts through 2022.
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