SunEdison plans to invest USD $15 billion in India by 2022, a top executive said. “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.
SunEdison intends to develop solar and wind projects with a total power-generation capacity of 15GW, Mr Gopalan said.
In addition to its own $15 billion plan, SunEdison earlier this year agreed to invest about $2 billlion in a joint venture with India’s Adani Group to build a factory to manufacture equipment for solar power plants.
India is planning to expand its power-generating capacity by 50% and increase the amount of electricity it gets from solar, wind and other renewable resources. About a third of India’s 1.2 billion people don’t have access to electricity.
Currently, solar energy accounts for about 2.7GW of India’s 255GW of generating capacity, which is mostly fueled by coal.
SunEdison, a solar company, is also expanding into wind power. The company expects to meet its 15GW India production target by building plants and acquiring existing generating capacity. As part of that strategy, SunEdison bought the wind assets of Spain-based Fersa Energias Renovables. That purchase gave the US-based company about 100MW of wind assets in India.