SunEdison is leading all renewable energy companies, Indian or foreign, in an effort to tap the Indian renewable energy market that is set for an unprecedented revolution.
The company has signed yet another landmark deal with a state in India to set up large-scale renewable energy projects. SunEdison will set up 5 GW of solar and wind energy capacity in the southern state of Karnataka, the company recently announced. This is the second such deal the company has signed but the first to include wind energy as well.
This is also probably SunEdison’s first major foray into the wind energy sector following last year’s announcement to acquire First Wind. The company plans to install at last 1 to 1.5 GW of wind and solar power capacity by the end of 2016 in Karnataka, and hopes to reach an installed capacity of 5 GW over the next five years.
The sheer enormity of the size of the deal can be gauged by the fact that the Karnataka government itself had set a target to add 2 GW of solar power capacity by 2022. This target, however, predates the decision by the central government to set up 100 GW solar power capacity by 2022.
SunEdison already has a footprint in Karnataka. It had successfully bid to set up 150 MW of solar power capacity in the recently concluded auctions.
SunEdison had recently signed a similar deal with Rajasthan, in north-west India, to install 5 GW solar power capacity over the next five years. The capacity is expected to be spread across projects of 500 MW each. It is significant to note that the deal represents a fifth of the total solar power capacity addition announced by the state of Rajasthan over the next five years.
One would assume that SunEdison would take full advantage of the rapidly changing regulatory and financial environment in India which would be highly beneficial to the local renewable energy sector. The company will set up India’s largest solar photovoltaics (PV) modules manufacturing plant in Gujarat. The $4 billion plant will be set up in partnership with Adani Enterprises, an Indian conglomerate.
Image Credit: SunEdison
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