Companies

Adani Green Energy wins manufacturing-linked solar contract from SECI

Our Bureau Mumbai | Updated on June 09, 2020

This project will entail an investment of ₹45,000 crore

Adani Green Energy Limited (AGEL) has won the first of its kind manufacturing-linked solar agreement from the Solar Energy Corporation of India (SECI). As a part of the award, AGEL will develop 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity. This project will entail an investment of ₹45,000 crore and is expected to create 4,00,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime.

“With this win, AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewables company by 2025. This award will take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of ₹1,12,000 crore ($15 billion) in the renewable energy space over the next 5 years,” Adani Green Energy said in a press statement.

Gautam Adani, Chairman of the Adani Group, said, “The fact that renewable power will transition into becoming the world’s cleanest and most economical fuel is a foregone conclusion and the Adani Group intends to play a leading role in this journey. This award is yet another step in our nation’s climate change promise to the world, as well as enabling our nation’s Atma Nirbhar Bharat Abhiyan (Self Reliant India Programme). It is another step towards fulfilling our Group’s Nation Building vision.”

Based on the award agreement the 8 GW of solar development projects will be implemented over the next five years. The first 2 GW of generation capacity will come online by 2022, and the subsequent 6 GW capacity will be added in 2 GW annual increments through 2025.

The projects will include a variety of locations, including a 2 GW single-site generation project that is tied for the rank of the largest single-site project announced globally.

The solar cell and module manufacturing capacity of 2 GW will be established by 2022 and along with the existing 1.3 GW of capacity will further consolidate the Group’s position as India’s largest solar manufacturing facility.

Published on June 09, 2020

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