India’s Adani Enterprises Ltd has signed a pact with US solar company SunEdison Inc (NYSE:SUNE) to jointly build a USD-4-billion (EUR 3.37bn) photovoltaic (PV) product factory in Gujarat state.
The Indian infrastructure firm, part of the Adani Group, announced on Sunday it has entered into a memorandum of understanding (MoU) with SunEdison to establish a joint venture for the purpose.
The proposed facility is intended to be the largest, vertically-integrated solar PV factory in India. It will be built in Mundra, Gujarat over the next three to four years.
The plant will be used for polysilicon refining and the production of solar ingots, wafers, cells and panels. Its construction will create some 4,500 direct job positions in India, said Ahmad Chatila, SunEdison’s president and CEO.
The parties did not disclose the designed capacity of the manufacturing facility. They are yet to sign a final deal on the partnership, which will be done after further analysis.
“The development of the largest integrated solar manufacturing facility is a step towards the vision of our Honorable Prime Minister’s “Make in India” campaign,” said Vneet S Jaain, CEO of Adani Power Ltd (BOM:533096).
India last year raised its 2022 target for total solar power generation capacity to 100,000 MW from 20,000 MW.