The Indian solar sector which was considering a dollar-denominated tariff plan for solar energy for foreign investors for some time is now also going to involve yen in its basket of currencies for a foreign currency-denominated tariff plan for solar energy.
“A basket of currencies is being looked at. SoftBank suggested looking at the yen as part of this. The ministry of new and renewable energy (MNRE) will be framing guidelines,” said a government official.
“A basket of major currencies is being considered from the target countries to attract investments in our solar energy sector. Currently, they are US dollar, euro and yen. Rather than converting from Indian rupee to US dollar, or to euro or yen, it will be better what they get paid a portion in their own currency,” said a second government official.
Japanese multinational telecommunications and Internet Corporation SoftBank, Bharti Enterprises and Taiwan-based Foxconn Technology Group have formed a joint venture, SBG Cleantech which will invest around $20 billion over 10 years into green energy projects.