Adani Enterprises, the flagship company of Adani Group and SunEdison Inc., a leading solar technology manufacturer and provider of solar energy services, announced today that they have signed a Memorandum of Understanding (MoU) to establish a joint venture to build the largest, vertically integrated solar photovoltaic manufacturing facility in India with an investment of around USD 4 billion.

The facility will create enough solar panels to fuel substantial solar growth in India, furthering India’s goals for clean, renewable energy independence.

''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,'' said Vneet S Jaain, chief executive officer of Adani Power, a subsidiary of Adani Enterprises.

''The development of the largest integrated solar manufacturing facility is a step towards the vision of our Honorable Prime Minister's ''Make in India'' campaign. We are happy to partner with SunEdison, a leading solar technology manufacturer to build this facility. This facility would further integrate our Power-Renewable business value chain and would significantly increase the socio-economic benefits,'' said Vneet S Jaain.

Shares of the company gained Rs 12.15, or 2.4%, to trade at Rs 518.25. The total volume of shares traded was 148,024 at the BSE (11.15 a.m., Monday).