According to reliable sources, Japanese technology and investment giant SoftBank is exploring to bring on board a partner in its high-profile renewables joint venture in India, SBG Cleantech, by selling a majority stake in order to raise cash.
This move is part of an ongoing review of its businesses around the world in a bid to increase liquidity. SoftBank has been facing a couple of setbacks to its global investments.
SoftBank is said to have been holding discussions with a group of sovereign wealth and pension funds from the Far East and Gulf regions, some of whom are limited partners (LPs) of SoftBank Vision Fund, besides Silicon Valley based technology giants that are big buyers of clean energy.
The Japanese technology and telecoms major is considering various options, ranging from an outright sale of its 70% stake to a majority stake sale. The company owned by Masayoshi Son is looking at a partner which can provide equity commitments of $1.5-2 billion to execute and complete a pipeline of 7 GW of renewable projects around the world, the people said, adding more suitors may emerge.
However, the talks are still at an early stage and may or may not result in a deal.
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