Sunedison Inc (NYSE:SUNE) To Spend $15 Billion In Indian Venture By 2022

Sunedison Inc (NYSE:SUNE) has plans to make an investment of $15 billion in Inda by 2022 according to an established executive.

The investment is a move by SunEdison to deepen its roots in the country. Power supplying firms have been struggling to satisfy the high demand for electricity in India. The company has a large, and the demand has been escalating to levels that local power production firms have been finding hard to manage. India also has many industries and factories that consume large amounts of electricity.

SunEdison has established the problem and the firm plans to make the best of a bad situation by offering alternative sources of energy. The company has the plan to develop a wind and solar power project that will generate an estimated 15 gigawatts. The firm has faith that the demand for renewable energy in the country will grow within the next five years.

 According to SunEdison’s senior executive, Pashupathy Gopalan, who heads the Asian division, most of the demand will come from China and India. China’s high population is a good example of the path that India is taking. The two countries have a lot in common. China is also extensively industrialized. Thus, the demand for electricity is quite high. India will be in a better position if it harnesses other power production techniques early in advance.

Other than the $15 billion venture, a few months ago, the company entered into a joint venture with a firm known as Adani Group. Sunedison Inc (NYSE:SUNE) will invest roughly $2 billion in the joint venture where they will build a manufacturing plant to generate equipment to be used in the solar power plants.

India also plans to enhance the power generating volume of its plants by 50%. The expansion project will bring more power to the grid, thus countering the power shortage. The country power capacity will also receive a boost from renewable sources such as wind and solar power. India has a population of 1.2 billion people. A third of its population lacks access to electricity.

 

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Brown Terrel

Brown Terrel

Terrel is US Markets Daily’s business news reporter. She joined US Markets Daily after five years as a print reporter.