Softbank considering sale of renewables venture: Report

Softbank considering sale of renewables venture: Report

It is looking at a partner which can provide equity commitments of $1.5 billion to $2 billion to execute and complete a pipeline of 7 gigawatts of renewable projects around the world

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. (Reuters Photo)

SoftBank Group Corp is in talks to sell a majority stake in its renewables joint venture in India as it aims to raise cash amid global investment setbacks, India's Economic Times daily reported on Thursday.

The Japanese technology and investment giant has held talks with sovereign wealth and pension funds from the Far East and Gulf regions, besides some Silicon Valley technology giants, the ET reported, citing people in the know of the matter.

A representative for SoftBank in India did not immediately respond to an email request from Reuters for comment.

SoftBank is considering options ranging from an outright sale of its 70% stake in SBG Cleantech, a joint venture with Bharti Enterprises and Foxconn Technology Group, to a majority stake sale, the report said.

It is looking at a partner which can provide equity commitments of $1.5 billion to $2 billion to execute and complete a pipeline of 7 gigawatts of renewable projects around the world, the report added.

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