India’s Adani Enterprises Ltd (BOM:512599) will form a joint venture with the state of Rajasthan to build a 10-GW solar park there, according to a statement on Monday.
The partnership between Adani Group’s flagship company and Rajasthan Renewable Energy Corp Ltd will involve both solar power generation capacity and manufacturing plants for photovoltaic (PV) modules and other equipment.
Adani said the solar power plants to be installed by the joint venture will produce some 16.6 million MWh annually.
According to a report by the Indo Asian News Service (IANS), the project will require an investment of some INR 400 billion (USD 6.4bn/EUR 5.7bn) and will take 10 years to complete.
In mid-January, Adani Enterprises also unveiled a deal with US renewables company SunEdison Inc (NYSE:SUNE) to jointly build a USD-4-billion (EUR 3.5bn) photovoltaics factory in Gujarat state.