Japan’s SoftBank has come forward to set up a 750 Mw solar park in Kadapa in July 2018 during Chandrababu Naidu‘s regime. It is the biggest investment ever in the history of India’s Renewable Energy. According to a story in the Business-Standard, Softbank has decided to pull off from the deal due to the new government’s reluctance.
The project did not kick off since the state never handed over the land necessary to set up the solar park. It also did not award contracts for the construction of sub-stations and related transmission lines. The developer says several reminders to the state over these issues failed to invoke any response.
The state government has taken the U-turn after taking parts of the bid amounts (amounting to 350 Crore Rupees) from the three developers, who are supported by foreign funds. Now, Soft Bank and other developers are contemplating taking the legal route.
Apart from pulling out of this project, SoftBank also announced ending its journey in India as it opines its ambitious plans couldn’t match up to the Indian policy environment. This is more particularly about Andhra Pradesh’s treatment of SoftBank. This also marks the largest investor exit from the Indian renewable energy market.
