You are here: Home » Companies » News
Business Standard

Adani eyeing bid for SunEdison solar assets, says CEO

Jayant Parimal is the chief executive officer of Adani Green Energy Ltd's


Reuters  |  Mumbai 

The headquarters of SunEdison is shown in Belmont, California
The headquarters of SunEdison is shown in Belmont, California

Indian conglomerate Group is considering a bid for the local solar assets of US SunEdison, the chief executive officer (CEO) for Adani’s renewable energy arm said on Friday.

Jayant Parimal, Green Energy Ltd’s CEO, told reporters in Mumbai that his company was deciding whether to bid after investment bankers appointed by the US firm approached it to gauge interest.

SunEdison filed for bankruptcy in April after an ambitious growth plan and $12 billion in debts proved unsustainable.

That has cast doubt over its ability to take advantage of India’s push into renewable energy, and analysts predict that SunEdison will sell a number of local solar and wind assets or seek equity partners for projects to raise capital.

SunEdison runs solar plants in India with capacities of about 450 megawatts (Mw). It has another 800 Mw of capacity under development and won a tender for a 500 Mw plant in the southeastern state of Andhra Pradesh.

It is not immediately clear how much a bid for its solar assets would be worth.

Parimal said that Adani, which has interests in coal mining, oil & gas exploration and logistics, was targeting a solar generation capacity of 3,500 Mw by April next year.

It is also building a solar panel manufacturing plant at Mundra in India’s western Gujarat state where the parent company owns a huge port.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, June 11 2016. 00:49 IST