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

CEO of SunEdison’s subsidiaries resigns amid pressure from billionaire David Tepper

CEO Brian Wuebbels of SunEdison’s¬†subsidiaries TerraForm Power and TerraForm Global resigned on Wednesday evening, paving way for the board of directors to run both the firms on an interim basis.

The change of management adds to the woes of the company which is on the brink of filing for bankruptcy.

The resignation of the CEO reflects on a previously failed attempt by the company to acquire Vivint Inc., but could have been hastened by renewed legal threats from billionaire shareholder David Tepper of hedge fund Appaloosa Management, who holds a 9.5% stake in subsidiary TerraForm Power.

Tepper had sued SunEdison during its takeover of Vivint in January which also saw opposition from the board of TerraForm. Although Tepper was unable to block the acquisition in a Delaware court, the deal eventually did not go through owing to SunEdison’s financial situation

Source: Forbes