Adani Green Energy Limited has won the single largest solar development bid worth Rs 45,000 crore ($6 billion).
In the first-of-its-kind manufacturing linked solar agreement issued by Solar Energy Corporation of India (SECI), Adani Green Energy will develop 8 GW of solar projects along with 2 GW of additional solar cell and module manufacturing capacity.
“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 Program),” said Gautam Adani, Chairman of the Adani Group, commenting on the win. “It is another step towards fulfilling our Group’s Nation Building vision.”
According to the statement released by Adani Green Energy, the award will create 400,000 direct and indirect jobs and displace 900 million tonnes of carbon dioxide over its lifetime.
The 8 GW of solar development projects will come up in different locations over the next five years.
As per the company, 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 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.
The latest award is expected to take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025, for which the company will commit Rs 112,000 crores ($15 billion) in the renewable energy space over the next five years.
Adani Green Energy portfolio now has 15 GW capacity under operation, construction or under contract.
