Adani Green Energy Ltd wins solar bid worth 6 billion USD

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By: Express News Service | Ahmedabad | Published: June 10, 2020 12:47:55 am

With this win, AGEL will now have 15 GW capacity under operation, construction or under contract. (Representational Photo)

Adani Green Energy Limited (AGEL) has won the first-of-its-kind manufacturing-linked solar agreement from the Solar Energy Corporation of India (SECI). This award will entail a single investment of Rs 45,000 crore (six billion USD) and will create 4,00,000 direct and indirect jobs, the company said in an official release on Tuesday.

As a part of the award, the company will develop eight gigawatt (GW) of solar projects, along with a commitment that will see Adani Solar establish two GW of additional solar cell and module manufacturing capacity, the release stated. Adani Solar (Mundra Solar PV Ltd) is the solar PV (photovoltaic) manufacturing arm of the Adani Group.

Commenting on the win, Chairman Gautam Adani said, “We are honoured to be selected by SECI for this landmark solar award. In today’s world, climate adaptation cannot be considered independent of economic development priorities and both, job creation as well as decarbonization must be simultaneous objectives.”

The company called it the “single biggest investment announced” since the launch of Prime Minister Narendra Modi’s Aatma Nirbhar Bharat Abhiyan (Self-Reliant India Program)”.

Based on the award agreement, the eight GW of solar development projects will be implemented over the next five years. The first two GW of generation capacity will come online by 2022 and the subsequent six GW capacity will be added in two GW annual increments through 2025. The projects will include a variety of locations, including a two GW single-site generation project that is tied for the rank of the largest single-site project announced globally, the company stated.

The solar cell and module manufacturing capacity of two 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.

With this win, AGEL will now have 15 GW capacity under operation, construction or under contract. The project will also help displace 900 million tonnes of carbon dioxide over its lifetime, the release added

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