Softbank to invest in 500 MW solar plant of Essel Group

SoftBank’s wing SB Energy is most likely to ink a pact to invest in a 500 megawatt solar power plant being developed by the Essel Group in Rajasthan.

Quoting sources directly involved with the deal, a report in ET said Essel Group is in early stages of developing a solar power park in Rajasthan with a total capacity of 750 MW.

An official reportedly said: “This investment will help SoftBank fast forward its plan as it will have all the necessary infrastructure NSE -0.59 %. This will reduce the time to build a plant from 12-15 months to less than six months.”

According to the report, Essel Group’s spokesperson confirmed deal, but declined to give details. And a SoftBank spokesperson said, “We don’t comment on market speculations.”

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