Adani Enterprises says solar pact with SunEdision still in force

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New Delhi | August 27, 2015 2:16 PM

Adani Enterprises Ltd today said that the memorandum of understanding (MoU), which it entered with the US-based SunEdision to set up a solar photovoltaic manufacturing facility in Gujarat, is still in force

adani groupAdani and SunEdison was to establish a joint venture for building the largest vertically integrated solar photovoltaic manufacturing facility in the country, a statement issued by the Adani Group had said earlier.

Adani Enterprises Ltd today said that the memorandum of understanding (MoU), which it entered with the US-based SunEdision to set up a solar photovoltaic manufacturing facility in Gujarat, is still in force.

Company’s statement came in reply to the clarification sought by the leading exchange BSE on reports that Adani and SunEdison may drop joint venture plans.

Adani Enterprises had earlier entered into a pact with the US-based SunEdison for setting up a solar photovoltaic manufacturing unit in Gujarat at an investment of around Rs 25,000 crore that will create 20,000 jobs.

“The MoU signed with SunEdision on December 30, 2014 is still subsisting,” Adani Enterprises said in a regulatory filing today.

Adani and SunEdison was to establish a joint venture for building the largest vertically integrated solar photovoltaic manufacturing facility in the country, a statement issued by the Adani Group had said earlier.

The JV will build the solar facility with an investment of around USD 4 billion (around Rs 25,000 crore).

“The facility will create enough solar panels to fuel substantial solar growth in India, furthering India’s goals for clean, renewable energy independence.

“India has embarked on an ambitious programme to become a world leader in power generation from renewable technologies, and sees solar as a key part in realising that goal,” Adani Power CEO Vneet S Jaain had said.

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

The facility, to be set up Mundra in three years time, will “create ultra-low cost” solar panels.

“We are proud to partner with Adani Enterprises to build the largest solar photovoltaic manufacturing facility in India.

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