SunEdison and Adani have signed a memorandum of understanding to establish a joint venture to build the largest vertically integrated solar PV factory in India with an investment of up to $4 billion USD, or Rs. 25,000 crore. The facility will cater to the increasing solar panel demand in India. The new factory to create 20,000 jobs to the local economy.
Ahmad Chatila, President and Chief Executive Officer of SunEdison said "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."
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.