Adani Enterprises denies ending SunEdison deal

adaniAdani Enterprises said its deal with US-based solar manufacturer SunEdison is still continuing, and no decision has been taken to annul it.

The clarification came after widespread media reports that Adani Enterprises has canceled their agreement and the Indian company was on the lookout for a new partner for its solar venture.

The deal with SunEdison was signed in December last year.

Under the deal, Adani and SunEdison would set up a $4 billion solar photovoltaic manufacturing facility in India.

On Aug 20, Reuters reported that the Adani Group was in talks with Japan’s SoftBank and Foxconn Technology Co. Ltd for a $3 billion project to make solar cells and panels in the country. It also added that Adani and SunEdison had ended their proposed partnership in June.

India is considered to be one of the world’s top destinations for solar companies due to the high amount of solar insolation received by the company and the extreme demand for energy.