Sunedison Adani To Build 4 Billion Gujarat Solar Facility

Adani Enterprises Ltd, the flagship company of the 9.4 billion Adani Group, on Sunday signed an agreement with US-based SunEdison Inc. to set up a joint venture that will build a solar photovoltaic manufacturing facility in Gujarat with an investment of around 4 billion. The announcement comes amid a trade battle between India and the US at the World Trade Organization (WTO), where a dispute settlement panel has been established to hear US complaints against India's domestic content requirements on procurement of solar cells and modules under the Jawaharlal Nehru National Solar Mission (JNNSM) programme. The new facility will be constructed in Mundra, Gujarat, over three-four years and will vertically integrate all aspects of solar panel production on site. The facility will create enough solar panels to fuel substantial growth in India, furthering India's goals for clean, renewable energy independence, the companies said in a joint statement. The statement did not say how the Adani Group, which has a consolidated debt of Rs.71,980 crore, will fund the deal. Adani's proposed joint venture announcement also comes at a time when the Bharatiya Janata Party (BJP)-led government has substantially revised an earlier solar energy target of achieving 20,000 megawatts (MW) capacity by 2022 to 100,000MW. In addition, the government has ambitious continue reading

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