Indian industrial firm Adani Group and China’s largest independent polysilicon to power plants group, GCL have signed an agreement to develop both upstream and downstream PV operations in India as well as collaborating on a range of energy projects such as wind and LNG terminals.
GCL Integrated Technology Co is the main subsidiary of GCL Group that will be responsible for much of the JV activities with Adani, which mirrors GCL’s new business model of creating an integrated business model from manufacturing to market in the energy sector and providing one-stop integrated energy service.
The JV is planning to leverage GCL manufacturing expertise and build a fully-integrated PV manufacturing complex within a special economic zone in Mundra, including polysilicon, ingot/wafer, solar cell and module production.
The scale and capital investment needs were not disclosed. The agreement was said to have been concluded in June, 2015 in China, during India’s President Modi’s visit to the country.
Speculation had recently surfaced over whether an MoU signed between Adani and SunEdison to build and operate a US$4 billion fully-integrated manufacturing facility had collapsed due to reports that Adani was seeking new partners in the form of Japan's Softbank and Taiwan’s Foxconn.
GCL is actually a direct replacement for SunEdison, rather than rumoured new partners and the general location is the same as that signed between SunEdison and Adani in January, 2015.
Adani had initial plans to build 10GW of PV power plants in India.