Adani Enterprises Ltd, the flagship company of Adani Group, India’s leading integrated infrastructure player, and SunEdison Inc., a leading solar technology manufacturer and provider of solar energy services, announced on Sunday the signing of a Memorandum of Understanding (MoU) to establish a Joint Venture (JV) to build the largest, vertically integrated solar photovoltaic manufacturing facility in India with an investment of around $4 billion (Rs 25,200 crore).
The facility will create enough solar panels to fuel substantial solar growth in India, furthering India’s goals for clean, renewable energy independence.
“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 realizing that goal,” said Vneet S Jaain, Chief Executive Officer, of Adani Power Ltd, a subsidiary of Adani Enterprises Ltd.
“The development of the largest integrated solar manufacturing facility is a step towards fulfilling the vision of the Prime Minister’s “Make in India” campaign”, he said.
This facility would further integrate the Adanis’ power – Renewable business value chain and would significantly increase the socio-economic benefits, said Jaain.
“We are proud to be partnering with Adani Enterprises to build the largest solar photovoltaic manufacturing facility in India,” said Ahmad Chatila, President and Chief Executive Officer of SunEdison Inc.
The new facility will be constructed in Mundra, Gujarat, 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.