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Adani Enterprises & SunEdison signed JV to build solar park in Mundra

Jan 12, 2015 18:14 IST

Adani Enterprises and US-based SunEdison on 11 January 2015 signed an agreement to form joint venture (JV) to build the solar park at Mundra, Gujarat in India. The agreement was signed by the both companies during the Vibrant Gujarat Summit in Gandhinagar.

The JV will build the largest vertically integrated solar photovoltaic manufacturing facility with an investment of around 4 billion US dollars (around 25000 crore rupees).

The facility will be set up in three years time to create ultra-low cost solar panels. It will create 20000 new jobs and make India into a solar production powerhouse.

This facility will vertically integrate all aspects of solar panel production in Mundra, including Polysilicon refining, ingots, wafers, cells and panels production with a broader ecosystem involving extended supply chain for raw materials and consumables.

SunEdison and Adani will complete a comprehensive analysis of the joint venture opportunity and business plan by mid-2015.

Besides, Adani Group also signed another agreement with Woodside, energy major of Australia -for sourcing of LNG as well as cooperation in oil and gas exploration and production.

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