Adani forms JV agreement to set up 10GW solar park in Rajasthan, India

15 June 2015 (Last Updated June 15th, 2015 18:30)

The Adani Group has signed a joint venture (JV) agreement with the government of Rajasthan in India to set up a 10GW solar park in the state.

The Adani Group has signed a joint venture (JV) agreement with the government of Rajasthan in India to set up a 10GW solar park in the state.

The proposed solar park is likely to receive investments of more than Rs 600bn ($9.34bn).

This deal is line with the Indian conglomerate’s plan to generate 10GW of solar energy by 2022.

Adani Renewable Energy Park, a subsidiary of Adani Enterprises, and the Rajasthan State Government will hold a 50:50 stake in the new JV, which will be called as Adani Renewable Energy Park Rajasthan.

"The proposed solar park is likely to receive investments of more than Rs 600bn ($9.34bn)."

The solar park is planned to be the largest integrated solar facility in India. It will feature generation projects and a massive manufacturing unit for solar module, parts and equipment.

Adani plans to generate 5,000MW of solar power at the park.

Adani Group chairman Gautam Adani said: "This project will be India’s largest solar park and will also house manufacturing facilities to be set up under the country’s ambitious ‘Make In India’ initiative.

"We have embarked upon a mission of becoming a world leader in renewable power generation technologies, with a special focus on solar."

The state government intends to increase its solar energy capacity by 2022, with a target to generate 25,000MW of power.

Construction of the solar park is in line with the state’s plan, for which it will provide development land and support power evacuation infrastructure.

India intends to raise its solar power generation capacity by an additional 100GW by 2022. The federal government has also issued directives for at least 25 solar park constructions in the country, each having a capacity to produce 500MW and above.