Solar power firm SunEdison and Indian conglomerate Adani Enterprises plan to invest up to $4 billion in what would be one of India's largest solar panel makers, a boost for Prime Minister Narendra Modi as he hosts an investment summit.
On the sidelines of Modi's Vibrant Gujarat gathering of statesmen and business leaders, the two firms said on Sunday that the new joint venture project would manufacture low-cost photovoltaic solar panels, helping turn sunlight directly into electricity at cheaper rates.
Solar energy in India costs up to 50 percent more than power from sources like coal. The deal - though still subject to further analysis over the coming months - is a boon for Modi, who has sought to encourage both alternative energy and manufacturing through his "Make in India" campaign.