With New Delhi praised for its renewable energy role, Indian conglomerate Adani Enterprises said it signed a $4 billion solar agreement with a U.S. company.
Adani signed a memorandum of understanding with solar energy services company SunEdison to produce enough solar panels to develop a sustainable green power sector in India.
"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," Vneet S Jaain, chief executive officer of subsidiary Adani Power Ltd., said in a statement Saturday.
The agreement was signed on the sidelines of an Indian investment conference, attended by U.S. Secretary of State John Kerry. From auto giant Ford Motor Co., to companies like SunEdison, the secretary of state said there were billions of dollars worth of new investments targeting the vibrant economy in India.
Clean energy, Kerry said, "offers an enormous amount of economic opportunity to all of our people, both of our countries."
Adani and SunEdisn under the terms of the agreement pledged to create a vertically integrated solar manufacturing facility in India, which will be the largest facility of its kind in the country.
"By pairing SunEdison's solar technology expertise with Adani's extensive experience and exposure in creation of infrastructure, we will be able to transform the region into a solar production powerhouse," Ahmad Chatila, president and CEO of SunEdison Inc., said.
Both sides expect about 4,500 direct and 15,000 indirect jobs will be created at the facility. Construction should take about four years.
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