SunEdison and Adani to invest $4 billion in Indian solar factory

• 9 years ago (2015-01-12)
• Junior Isles

North America 1004 Renewables 757

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US firm SunEdison and Adani Enterprises have agreed to work together and pledge $4 billion in a joint venture to set-up an Indian solar power factory.

SunEdison stated that the planned factory would produce photovoltaic solar panels in the western state of Gujarat, the same state that Indian Prime Minister Modi was chief minister until his electoral victory last year.

Chief Executive of SunEdison, Ahmad Chatila, noted that the factory would be the “largest solar photovoltaic manufacturing facility in India” and that it would be built by 2018. This would help expand the portfolio of SunEdison, which is already the largest developer of solar and wind energy in the world.

This deal also highlights growing international interest in India’s renewables sector, specifically solar, as Mr Modi’s government has been pushing to increase new energy capacity, specifically noting his desire to install 100 GW of solar capacity by 2022.