Chinas GCL Group has announced a strategic partnership with Indian Industrial firm Adani Enterprises that will focus on delivering complete solar PV operations in India, in addition to further collaborative efforts in wind and LNG energy.
GCL confirmed that it will carry out large-scale cooperation in Indias green energy sector with the assistance of the Adani Group, notably including both upstream and downstream solar PV operations in the Indian state of Gujarat.
Our agreement with Adani Group has been going on very smoothly, said GCL Group chairman Zhu Gongshan. We will keep the market informed what we achieve from this strategic collaboration.
Gongshan added that he is optimistic about Indias energy market outlook, particularly in the fields of renewable energy where the cabinet was recently rumored to have agreed to increase the nations clean energy target to 40% by 2030.
The partnership will seek to utilize GCL Integrated Technology Cos (a subsidiary of GCL Group) experience in constructing solar fabs, with the aim being the creation of a manufacturing facility in Gujarat, specifically in Mundra, where solar module, cell, polysilicon and wafers will be produced.
According to GCL, this agreement was first reached in June following the visit to China of Indian Prime Minister Narendra Modi.
Following the collapse earlier this year of a reported $4 billion deal between Adani and SunEdison, the Indian firm has been in talks with a handful of potential manufacturing partners, most recently Japans Softbank and Chinas Foxconn. This proposed joint venture (JV) with GCL Group is the latest attempt by Adani to open up Indias solar manufacturing market.
The group has been proactively boosting its solar and wind energy operations in 2015, most recently with the proposal of a 1 GW solar project in Jharkand. Reports suggest that the conglomerate could invest up to $1.05 billion in the project.