Adani Green Energy wins $6 bn solar deal in India

Adani Green Energy

Adani Green Energy announced it has won the manufacturing-linked solar agreement from the Solar Energy Corporation of India (SECI).

This award will entail a single investment of Rs 45,000 crore or $6 billion and will create 400,000 direct and indirect jobs.

Adani Green Energy will develop 8 GW of solar projects over the next five years, along with a commitment that will see Adani Solar establish two GW of additional solar cell and module manufacturing capacity.

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 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.

Adani Green Energy 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.”

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 Rs. 112,000 crores ($15 billion) in the renewable energy space over the next 5 years.