SunEdison to Invest $4 Billion in India

SunEdison to Invest $4 Billion in India

Missouri-based SunEdison Inc., and the Indian power provider Adani Enterprises, headquartered in Ahmedabad, Gujarat, have signed a memorandum of understanding to establish a joint venture to build the largest solar photovoltaic manufacturing facility in India with a capacity of 7.5 gigawatts of annual production on an investment of up to $4 billion.

The new facility will be constructed in Mundra, Gujarat, over a three year period. This facility will vertically integrate all aspects of solar panel production on site, including polysilicon refining, and ingot, cell, and module production. “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, unsubsidized and without incentives, with fossil fuels,” said Ahmad R. Chatila, President and Chief Executive Officer of SunEdison.

Prime Minister Modi has been increasing India’s targets for renewable energy in a bid to reduce the usage of coal and bring electricity to people with lower incomes. The government set a target in November for as much as 100 gigawatts of solar capacity by 2022, five times the previous goal. The targets have made India a fast-growing market for photovoltaics.

“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 Limited, a subsidiary of Adani Enterprises Ltd.


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