- Adani Green Energy Limited (AGEL) will now have 15 GW capacity under operation, construction or under contract
- This is the single biggest investment announced since the launch of the Atma Nirbhar Bharat Abhiyan
- The contract entails a single investment of Rs 45,000 crores
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 eight GW of solar projects along with a commitment that will see Adani Solar establish two GW of additional solar cell and module manufacturing capacity.
This award, the largest of its type, ever, in the world, will entail a single investment of Rs 45,000 crores (US $6 billion) and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime.
“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,” said Gautam Adani, Chairman of the Adani Group.
This is the single biggest investment announced since the launch of the Hon’ble Prime Minister of India, Shri Narendra Modi’s Atma Nirbhar Bharat Abhiyan (Self Reliant India Program).
Solar cell and module manufacturing capacity of two GW
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 2 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 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.
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 five years.