“SunEdison* plans to invest $15 billion in India by 2022, a top executive said, as the renewable-energy company seeks to deepen in its foothold in a country where power producers have struggled to meet demand,” MarketWatch reports.
“We believe much of the growth in renewable energy in the next 15 years will be from emerging markets, and much of it will be from India and China,” said Pashupathy Gopalan, SunEdison’s top Asia executive.
Earlier this year, SunEdison Inc. of the U.S. and Adani Group said they plan to jointly build India’s biggest solar-panel factory in the state of Gujarat, putting the price tag at $4 billion.
“Solar power is important to a plan by India’s new government, led by Prime Minister Narendra Modi, to provide round-the-clock electricity to citizens in coming years. The new government has increased its target to 100 gigawatts of solar generation capacity by 2022, from a target of 20 gigawatts planned earlier,” WSJ reported.
World Bank Group President Jim Yong Kim said earlier this year that India is pursuing reforms that could accelerate growth in its economy and this could more rapidly reduce poverty and spread prosperity to more people in the country who are marginalized and vulnerable.
“We will offer technical expertise and share knowledge on a variety of issues central to the country’s accelerated economic development (…) I’m particularly excited about our work together on renewable power generation because it can make India the world leader in solar energy,” said Kim.
*) SunEdison is a global renewable energy company headquartered in the U.S. In addition to developing, building, owning, and operating solar power plants and wind energy plants, it also manufactures high purity polysilicon, monocrystalline silicon ingots, silicon wafers, solar modules, solar energy systems, and solar module racking systems.
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