Adani and US-based SunEdison to invest $4 bn in solar facility in Gujarat

Adani Enterprises Ltd has signed a memorandum of understanding (MoU) with the US-based SunEdison Inc, a leading solar technology manufacturer and provider of solar energy services, to establish a joint venture to build the largest, vertically integrated solar photovoltaic (PV) manufacturing facility in India with an investment of around $4 billion. The facility will create enough solar panels to fuel substantial solar growth in India, furthering India’s goals for clean, renewable energy independence.
 
The new $4 billion facility will be constructed in Mundra, Gujarat, India, over a three to four year period. This facility will vertically integrate all aspects of solar panel production on site, including polysilicon refining, ingots, wafers, cells and panels production with a broader ecosystem involving extended supply chain for raw materials and consumables.
 
“India has embarked on an ambitious program to become a world leader in power generation from renewable technologies, and sees solar as a key part in realising that goal. The development of the largest integrated solar manufacturing facility is a step towards the vision of our Prime Minister’s ‘Make in India’ campaign. We are happy to partner with SunEdison, a leading solar technology manufacturer to build this facility. This facility would further integrate our power – renewable business value chain and would significantly increase the socio-economic benefits,” said Vneet S Jaain, chief executive officer of Adani Power Limited, a subsidiary of Adani Enterprises Ltd.
 
Ahmad Chatila, president and chief executive officer of SunEdison Inc, said, “By pairing SunEdison’s solar technology expertise with Adani’s extensive experience and exposure in creation of infrastructure, we will be able to transform the region into a solar production powerhouse. We are proud to announce that this joint venture between SunEdison and Adani will help to accomplish both goals, fueling the growth of solar in India and creating 4,500 direct jobs and over 15,000 indirect jobs in the process.”