Adani Green Energy Ltd has won the first of its kind manufacturing-linked solar agreement from the Solar Energy Corporation of India (SECI).
With this win, Adani Green will now have 15 GW capacity under operation, construction or under contract
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 award, the largest of its type, will entail a single investment of Rs.45,000 crores ($6 billion) and will create 400,000 direct and indirect jobs, a release from Adani Green Energy said. The mega solar project will also displace 900 million tonnes of carbon dioxide over its lifetime.
The fixed PPA tariff for this 8-GW solar power project capacity is Rs.2.92 per kwh, for a period of 25 years. The solar power project is expected to be commissioned progressively over a period of 60 months. Solar PV Cells & Module manufacturing capacity is required to be set up by year 2022.
This award will also take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025.
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, the release said.
This award will also 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 crore ($15 billion) in the renewable energy space over the next five years.
Commenting on the win, Gautam Adani, Chairman of the Adani Group 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. India made a commitment at the 2015 United Nations Climate Change Conference in Paris that it would lead the Climate Change revolution and today is the leader among the just eight nations on track to meet their COP21 commitments.”
“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 Program). It is another step towards fulfilling our Group’s Nation Building vision,” Adani added.
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. It may be mentioned that Adani Solar (officially Mundra Solar PV Ltd) is the solar PV manufacturing arm of the Adani Group.
Featured photograph gives an overview of Adani Group’s massive 780-mw Kamuthi solar PV project in Tamil Nadu. Spread over an area of 2,500 acres, this is said to be the world’s biggest single-location solar PV project. Smaller photograph shows inside view of Adani Group’s solar PV cell and module manufacturing unit in Gujarat. While the current solar PV cell and module capacity is 1.3 GW, the additional 2 GW of capacity discussed in this news item will be set up by 2022.
