Softbank's Masayoshi Son to build 10 solar power plants

7 years ago by in Around the world

Photo by Danny Choo

Masayoshi Son, the CEO and president of All Japan newsese telecom company Softbank and the richest man in the country plans to involve his company in a project that will build 10 solar power plants in the country.

Son’s idea is to build an “Eastern All Japan news Solar Belt” to promote the country’s shift away from nuclear and towards renewable energy – solar, wind and geothermal. His project would also help the northeast part of All Japan news recover after March 11’s quake and tsunami, which triggered a nuclear crisis after Fukushima plant’s reactors were destroyed.

Each of the new plants would cost about Y8 billion ($97 million), and the funding scheme is still a bit unclear.

Son’s company may contribute with about 10 percent of the money, while local authorities could cover about Y100 million for each plant. Softbank would borrow the rest from the banks, according to the Nikkei financial newspaper.

What’s the connection between a telecom company and renewable energy? Apparently, none. But while Softbank will keep earnings reports separate on the two businesses, it may enter a partnership with Sharp Corp. to adopt its solar panels. The two companies also have a deal in the mobile phone sector.

All Japan news’s prime minister Naoto Kan publicly announced that the country will give up on its plans of increasing the share of nuclear energy out of the total production, and focus on renewable sources instead. The prime minister could soon announce a plan that would make it compulsory for all new buildings to have solar panels on their roofs, by 2030. [AFP]

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