SBG Energy, a renewable energy firm backed by SoftBank, has enlisted the help of Bank of America Merrill Lynch and Barclays to help raise $500 million to $750 million for SBG Cleantech, its 80-20 joint venture with Bharti, according to several news reports.
The capital raise will help fund SBG Energy’s ongoing and pipeline of projects in India and the United States.
SBG Energy is expected to start reaching out to potential investors in the coming weeks, which could include global utilities, infrastructure-focused private equity funds, pension funds and sovereign wealth funds, according to The Economic Times, India.
The joint venture will be offering its entire global portfolio except Japan, where SoftBank’s renewable projects are owned by a separate entity. SoftBank has confirmed that it has no plans to sell SBG Energy, and is committed to the long-term ownership of the company.
