Taiwan-based manufacturer Foxconn has promised to utilise and expand Sharp’s solar power business which the former acquired recently.
In a letter issued by Foxconn Chairman Terry Gou and Executive Vice President J.W. Tai, the company expressed intentions to make investments to expand Sharp’s solar power business. Such an expansion will fuel Foxconn’s own renewable energy goals.
Foxconn acquired controlling stake of 66% in Sharp’s solar division for $3.46 billion.
Foxconn is known to be working in partnership with Apple, for which it manufacturers iPhones and other gadgets, to increase the consumption of renewable energy at its manufacturing facilities in China. Last year, Apple entered an agreement with SunPower to set up 2 solar PV power projects with a cumulative capacity of 40 MW in the Sichuan province of China. Foxconn had announced plans to set up manufacturing facilities in the city of Chengdu, Sichuan.
Foxconn has also entered a three-way joint venture with Japan’s SoftBank and India’s Bharti Enterprises. The joint venture SB Energy (formerly SBG Cleantech) pledged $20 billion investment in India’s solar power market over the next few years. SoftBank holds majority stake in the joint venture while, both, Bharti Enterprises and Foxconn hold minority stake. SB Energy plans to set up at least 20 GW solar power capacity in India.
SB Energy grabbed its first project in India in December 2015 through competitive auction when it secured the entire 350 MW capacity on offer in the state of Andhra Pradesh.