Adani Green Energy may tie up with SunEdison for $2 billion solar foray
Adani Green Energy Ltd, the renewable energy arm of the Adani Group, is considering a technical partnership with global major SunEdison Inc for its $2 billion foray into integrated solar manufacturing.The collaboration is being considered despite SunEdison’s recent troubles, which saw the renewable energy heavyweight file for protection from its creditors in the US in late April. “We are also looking at two other companies, Golden Concord Holdings ( GCL ) and OCI Solar Power . We are yet to take a decision,” said Jayant Parimal, CEO, Adani Green Energy. “We are currently evaluating the technologies offered by these manufacturers cum technology providers,” said Parimal. “Once we zero in on one of them, we may bring the company in as a JV partner.” Adani Green Energy integrated solar manufacturing plant will be the first of its kind in the country. It has created a special purpose vehicle, Mundra Solar PV Ltd, to handle the project. Solar manufacturing consists of four main phases: making polysilicon crystals, slicing them into wafers, using the wafers to make solar cells, and using the cells to make solar modules which generate power. 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. There are practically no manufacturers of polysilicon or polysilicon wafers, all of which is imported. That is because the investment required to make polysilicon is much higher than that needed to set up a module manufacturing line,” said Parimal, and the Adani Group’s success of the project will be crucial to the future of solar manufacturing in India.