Gautam Adani-led Adani Enterprises and US-based SunEdison will invest around Rs.25,000 crore ($4 billion) to set up a solar park in Gujarat that will create 20,000 new jobs.
The two companies will set up a joint venture for building the largest vertically integrated solar photovoltaic manufacturing facility in the country, said a statement Sunday by the Adani Group.
"The facility will create enough solar panels to fuel substantial solar growth in India. India has embarked on an ambitious programme to become a world leader in power generation from renewable technologies, and sees solar as a key part in realising that goal," Adani Power chief executive Vineet S. Jain said.
"We are proud to partner with Adani Enterprises to build the largest solar photovoltaic manufacturing facility in India.
"This facility will create ultra-low cost solar panels that will enable us to produce electricity so cost effectively it can compete head to head, unsubsidised and without incentives, with fossil fuels," SunEdison president and chief executive Ahmad Chatila said in a statement.
"By pairing SunEdison's solar technology expertise with Adani's extensive experience in the creation of infrastructure, we will be able to transform the region into a solar production powerhouse, creating 4,500 direct jobs and over 15,000 indirect jobs in the process," he added.
This facility will vertically integrate all aspects of solar panel production on site, including polysilicon refining, ingots, wafers, cells and panels production.