SOFTBANK Group Corp. has agreed to launch a US$930 million Indian joint solar energy venture with Chinese firm GCL System Integration Technology Co. as part of its ambitious India solar investment roadmap.

The venture will work on photovoltaic technology, which is used in solar panels. GCL System will provide technology and SoftBank will assist is obtaining land and regulatory approvals, GCL System said in a filing to the Shenzhen Stock Exchange dated Friday.

SoftBank said in 2015 that it would invest up to US$20 billion along with Foxconn Technology Co. and Bharti Enterprises in solar projects in India, which has a goal of generating 100 gigawatts (GW) of power from solar by 2022.

The Japanese firm will hold 60 percent of the venture’s shares and GCL System will own 40 percent.

Funding for the project will come from SoftBank’s Vision Fund, which counts Apple Inc., Foxconn and Saudi Arabia’s sovereign wealth fund among its backers.

As of last May, it had raised more than US$93 billion, making it the world’s largest private equity fund.

(SD-Agencies)