SunEdison Inc. and India-based power provider Adani Enterprises Ltd. are creating a joint venture to build a $4 billion solar photovoltaic manufacturing facility in India.
The new facility will be constructed in Mundra, Gujarat, India. SunEdison says the manufacturing complex will vertically integrate all aspects of solar panel production on-site, including polysilicon refining and ingot, cell and module production.
‘This facility will create ultra-low-cost solar panels that will enable us to produce electricity so cost-effectively that it can compete head to head, unsubsidized and without incentives, with fossil fuels,’ says Ahmad Chatila, president and CEO of SunEdison. ‘By pairing SunEdison's solar technology expertise with Adani's extensive experience in the creation of infrastructure, we will be able to transform the region into a solar production powerhouse.’
During the first half of this year, SunEdison and Adani will complete a comprehensive analysis of the joint venture opportunity and business plan. Pending a successful outcome of the study, construction of the facility will begin shortly thereafter.
As the facility is built, certain portions will be completed first to allow key production lines to come online before the entire facility is finished. This allows the joint venture to ramp up production quicker and also creates more jobs sooner, Adani says. Construction is expected to take three years.
