Adani Enterprises, India's biggest private power producer and port owner, is taking giant strides in the energy sector planning to make solar panels that can generate competitively priced electricity and investing in LNG sourcing and oil and gas exploration. It's agreed to set up a joint venture with SunEdison that will invest Rs.25,000 crore, or $4 billion, to make India's biggest solar photovoltaic manufacturing facility and signed an accord with Australia's Woodside Energy in the oil and gas business.
The solar plant, to be constructed in Mundra, Gujarat, over a three-year period, will make low-cost panels capable of producing electricity that costs as much as power generated by using traditional fuels. "The facility will manufacture solar panels to fuel solar power growth in India, furthering India's goals for clean, renewable energy independence, and will add up to 20,000 jobs to the local economy," Adani a nd New Yorklisted SunEdison said in a joint statement on Sunday.
The venture will boost domestic solar equipment supply to meet the huge requirement of the sector in which Coal, Power and Renewable Energy Minister Piyush Goyal is aiming for unprecedented growth. The solar energy sector has so far imported huge amounts of low-cost Chinese equipment, drawing criticism from local suppliers.
Under the memorandum of understanding signed by Adani Group chairman Gautam Adani and Woodside CEO Peter Coleman, the companies will explore opportunities in sourcing of liquefied natural gas, supply and purchase arrangements for India and LNG marketing. They will also consider investment in activities such as oil and gas exploration, production and liquefaction plants, Adani Enterprises said.
Ahmad Chatila, President and Chief Executive Officer of SunEdison, said the solar plant will supply equipment at competitive rates. Adani Power said the development of the largest integr ated solar manufacturing facility furthers the vision of Modi's `Make in India' campaign.
During the first half of 2015, SunEdison and Adani will conduct a comprehensive analysis of the opportunity and business plan before starting construction of the facility, the statement added.
On Saturday, debt-laden wind turbine maker Suzlon Energy announced plans to invest Rs.24,000 crore over the next five ` years in wind energy projects in Gujarat. Welspun Renewables said that it will spend Rs.8,300 crore in the state and has signed two MoUs for 500 MW wind and 600 MW solar capacities with Gujarat Urja Vikas Nigam.
The solar plant, to be constructed in Mundra, Gujarat, over a three-year period, will make low-cost panels capable of producing electricity that costs as much as power generated by using traditional fuels. "The facility will manufacture solar panels to fuel solar power growth in India, furthering India's goals for clean, renewable energy independence, and will add up to 20,000 jobs to the local economy," Adani a nd New Yorklisted SunEdison said in a joint statement on Sunday.
The venture will boost domestic solar equipment supply to meet the huge requirement of the sector in which Coal, Power and Renewable Energy Minister Piyush Goyal is aiming for unprecedented growth. The solar energy sector has so far imported huge amounts of low-cost Chinese equipment, drawing criticism from local suppliers.
Under the memorandum of understanding signed by Adani Group chairman Gautam Adani and Woodside CEO Peter Coleman, the companies will explore opportunities in sourcing of liquefied natural gas, supply and purchase arrangements for India and LNG marketing. They will also consider investment in activities such as oil and gas exploration, production and liquefaction plants, Adani Enterprises said.
Ahmad Chatila, President and Chief Executive Officer of SunEdison, said the solar plant will supply equipment at competitive rates. Adani Power said the development of the largest integr ated solar manufacturing facility furthers the vision of Modi's `Make in India' campaign.
During the first half of 2015, SunEdison and Adani will conduct a comprehensive analysis of the opportunity and business plan before starting construction of the facility, the statement added.
On Saturday, debt-laden wind turbine maker Suzlon Energy announced plans to invest Rs.24,000 crore over the next five ` years in wind energy projects in Gujarat. Welspun Renewables said that it will spend Rs.8,300 crore in the state and has signed two MoUs for 500 MW wind and 600 MW solar capacities with Gujarat Urja Vikas Nigam.
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