Adani To Invest US$3 Billion in Solar.

India’s Adani Group, which is linked to the controversial giant Carmichael Coal Mine, is in talks with Japan’s Softbank and Foxconn to manufacture solar cells and panels in India in a US$3 billion ($4.1 billion) investment, Reuters reports.

Softbank has announced it would look to commit several billion in finance to solar projects in India, as the Indian Government has aggressive plans to expand solar installations to 100 gigawatts by 2022, Australia’s total installed power capacity is about 50 gigawatts.

According to anonymous sources cited by Reuters, billionaire founder of Adani Group, Gautam Adani, had commenced talks with Softbank and Foxconn about establishing a 1 gigawatt per annum capacity plant by 2018, with the intention of expanding it at a later stage to 3 gigawatts.

However the company had also be reported at an earlier time to be proceeding with such a manufacturing plant with US renewable energy giant – SunEdison. But this ultimately never progressed.

 

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Originally from The Australian Business Review

Author: Darvin Tocmo

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