AHMEDABAD and CHENNAI, India, Jan. 12, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, and Adani Enterprises Ltd (NSE:ADANIENT), the largest port owner and operator and largest private power provider in India, today announced that they have signed a memorandum of understanding to establish a joint venture to build the largest vertically integrated solar photovoltaic manufacturing facility in India with an investment of up to $4 billion USD, or Rs. 25,000 crore. The facility will create enough solar panels to fuel substantial solar growth in India, furthering India's goals for clean, renewable energy independence, and will add up to 20,000 jobs to the local economy.
"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. "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, creating 4,500 direct jobs and over 15,000 indirect jobs in the process."
"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. We are happy to partner with SunEdison, a leading solar technology manufacturer to build this facility which further integrates our power – renewable business value chain and has significant socio-economic benefits."
The new facility will be constructed in Mundra, Gujarat, India, over a three year period. This facility will vertically integrate all aspects of solar panel production on site, including polysilicon refining, and ingot, cell, and module production.
During the first half of 2015, SunEdison and Adani will complete a comprehensive analysis of the joint venture opportunity and business plan. Pending 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 creates more jobs sooner.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility consumers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchanges under the symbol "SUNE." To learn more visit www.sunedison.com.
About Adani Enterprises
The Adani Group is one of India's leading business houses with revenue of over $9.4 billion.
Founded in 1988, Adani has grown to become a global integrated infrastructure player with businesses in key industry verticals - resources, logistics and energy. The integrated model is well adapted to the infrastructure challenges of emerging economies.
The Group has also made significant inroads in the agri-infrastructure business by setting up grain storage silos and cold storage facilities, catering to storage of apples from Himachal Pradesh. We are a market leader in the edible oil business with our Fortune brand of oil leading the pack.
We live in the communities where we operate and take our responsibility to society, seriously. Through Adani Foundation, we ensure development and progress is sustainable and inclusive; not just for the people living in these areas, but the environment on the whole. At Adani, we believe in delivering benefits that transcend our immediate stakeholders. To learn more, visit www.adani.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including SunEdison and Adani will be building the largest, vertically integrated solar photovoltaic manufacturing facility in India; the facility will create enough solar panels to fuel substantial solar growth in India; addition of up to 20,000 jobs to the local economy; the facility will create ultra-low cost modules that compete head to head, unsubsidized and without incentives, with fossil powered energy sources; the joint venture creates 4,500 direct jobs, and over 15,000 indirect jobs; the facility will be constructed in Mundra, Gujarat, India, over a three year period; SunEdison and Adani will complete a comprehensive analysis of the joint venture opportunity and business plan; pending successful outcome of the study, construction of the facility will begin shortly thereafter; and 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, and will create more jobs sooner. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.