Softbank-Bharti JV in talks for $500-$750 million fundraise: Report
Potential investors such as infra-focused private equity funds, sovereign wealth funds, global utilities and pension funds will be formally approached in the next weeks
May 29, 2020 / 11:01 AM IST
SoftBank's renewable energy company SBG Cleantech is reportedly in talks with multiple investors to raise $750 million for its current and future projects in India and the United States.
The company is looking to raise up to $500-$750 million for its joint venture with Bharti in India and has mandated Bank of America Merrill Lynch and Barclays for the fundraise, as per a report by The Economic Times.
Potential investors such as infra-focused private equity funds, sovereign wealth funds, global utilities and pension funds will be formally approached in the next weeks, said the report.
Moneycontrol could not independently verify the report.
A SoftBank spokesperson confirmed the development to the publication: “SB Energy is exploring potential co-investment partnerships to accelerate growth of its leading renewable energy platform. SoftBank is fully committed to its long-term ownership of SB Energy and has no plans to divest the business.”
Bharti did not respond to queries, as per the report.
The company says it has 7.7 GW of projects lined up in India and expects to reach 20 GW over the next five years. Management states 2 GW as operational, 2 GW under construction and 3,700 MW under “active development”.
The SoftBank-Bharti JV is ownership distribution is 80:20 and the offer will be for SoftBank’s full global renewable portfolio – except in Japan, where projects are owned by a separate entity, said the report.
SoftBank has approached Brookfield and Actis in India, the report added.