Softbank eyes electric car infra

New Delhi, June 5: SoftBank Group is in talks with the Indian government to facilitate the use of renewable energy like solar to charge electric vehicles in the country, a senior executive at the Japanese group’s local unit told Reuters.

India is considering electrifying all its vehicles over the next 15 years, a plan that could boost SoftBank’s solar ambitions in the country if the government adopts renewable energy to charge the vehicles.

SoftBank, which has said it will invest up to $20 billion along with Foxconn Technology and Bharti Enterprises in solar projects in India, estimates the electrification drive could create a requirement for over 150 GW of additional power.

India has an ambitious target to generate 100 GW of solar power by 2022 and while US President Donald Trump is pulling US out of the Paris accord on climate change, India is sticking to its renewable energy commitments.

SoftBank is also one of the biggest investors in ride-hailing firm Ola, which is preparing for a large-scale rollout of electric vehicles by next year and in May launched its first trial project to test viability. “Clearly we are at the intersection — on the solar side we are building plants and on the electric vehicles side Ola is planning induction of vehicles,” Manoj Kohli, executive chairman of SB Energy said in an interview.

In a few years when the number of electric vehicles and charging stations is significant there may be need for dedicated solar plants to supply energy for transportation, he said.

In a strategic shift, India’s most influential government think-tank, headed by Prime Minister Narendra Modi, unveiled a policy blueprint last month aimed at electrifying all vehicles in the country by 2032.