Rosepetal Solar Energy Private Ltd, a wholly-owned subsidiary of Adani Green Energy Ltd, has received the requisite approvals to set up a 700 MW grid-connected hybrid renewable energy power plant.
The hybrid plant will be a mix of solar and wind power, according to a filing in the exchanges. Out of the 700 MW capacity, around 300 MW has a “Green shoe option”. Greenshoe options are used to provide price stability and liquidity.
The project is expected to be commissioned by September 2022, the filing added.
The Power Purchase Agreement (PPA) for the 700 MW plant has been fixed at ₹3.24/kWh for 25 years and the minimum Capacity Utilisation Factor (CUF) has been set at 50 per cent by the regulators.
With this capacity addition, Adani Green Energy has a total capacity of 5.99 GWac in its renewable energy portfolio.
Of this, 3.49 GWac projects are under implementation and the remaining 2.50 GWac projects are operational.
This development comes a week after Adani Group chairman, in a Linkedin post, wrote that its vision is to become the world's largest solar power company by 2025.