India’s Adani Green Energy may tie up with SunEdison for its $2bn solar foray

India-based conglomerate Adani Group’s renewable energy subsidiary Adani Green Energy, was considering a technical partnership with bankrupt U.S. firm SunEdison Inc., as part of the its $2bn foray into the solar manufacturing business.

If successful, Adani Green Energy’s integrated solar manufacturing plant would be the first of its kind in the country. It has created a special purpose vehicle, Mundra Solar PV Ltd, to handle the project

India currently has 14 manufacturers of solar cells producing 1212 MW of cells annually and 81 makers of solar modules who produce a total of 5620 MW. However, there were practically no manufacturers of polysilicon or polysilicon wafers, all of which is imported, due to high investments required.

In the first phase, work on which has already begun, a solar cell and module manufacturing plant was being set up by the company at a cost of INR 20,000m.

With a capacity of 1200 MW, the project is expected to be complete by December 2016, and would double the country’s cell manufacturing capacity.

In the second phase, Adani plans to expand capacity to 2000 MW and start making silicon wafers. It is in the third phase that polysilicon manufacturing would begin.

However, the company expects an offtake guarantee from the government prior to manufacturing these wafers.

For the third phase, a technical tie up would be necessary for which Adani might rope in a JV partner.

Source: Economic Times

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