SunEdison In $4 Bln JV India Solar Plant

(RTTNews) - Energy company SunEdison Inc. (SUNE) and Indian conglomerate Adani Enterprises Ltd., have agreed to a joint venture that will invest up to $4 billion to build India's largest solar photovoltaic manufacturing facility.

St. Peters, Missouri-based SunEdison said the photovoltaic plant will "create enough solar panels to fuel substantial solar growth in India," which is in line with Indian Prime Minister Narendra Modi's efforts at increasing the country's clean, renewable energy output and reduce pollution.

The new facility will be constructed in Mundra, Gujarat over a three year period, with construction expected to begin this year itself. The facility is expected to provide up to 20,000 jobs to the local economy, 4,500 direct jobs and over 15,000 indirect jobs.

"We are proud to partner with Adani Enterprises to build the largest solar photovoltaic manufacturing facility in India. This facility will create ultra-low cost solar panels that will enable us to produce electricity so cost effectively it can compete head to head, unsubsidized and without incentives, with fossil fuels," said Ahmad Chatila, President and Chief Executive Officer of SunEdison.

"India has embarked on an ambitious program to become a world leader in power generation from renewable technologies, and sees solar as a key part in realizing that goal," said Vneet S Jaain, Chief Executive Officer of Adani Power Limited, a subsidiary of Adani Enterprises Ltd. "The development of the largest integrated solar manufacturing facility furthers the vision of Prime Minister Narendra Modi's 'Make in India' campaign."

In November, the Modi government had increased its target for solar power capacity to 100 gigawatts by 2022. India currently generates more than 60 percent of its electricity using coal.

Adani Group owns and operates the largest port in India and is also the largest private power generator in the country.

SUNE is currently trading at $19.22, down $0.20 or 1.03%, on the Nasdaq.