Adani Green Energy on Tuesday said it has bagged the first of its kind manufacturing-linked solar contract worth Rs 45,000 crore from SECI to develop 8 GW electricity generation capacity and 2 GW equipment manufacturing facility in the country. 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 1,12,000 crore (USD 15 billion) in the renewable energy space over the next five years, the company said.
"Adani Green Energy Ltd (AGEL) has won the first-of-its-kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI)," according to a company statement. As a part of the award, AGEL said it 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, ever, in the world, will entail a single investment of Rs 45,000 crore (USD 6 billion) and will create 4,00,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime," according to a company statement. With this win, Adani Green Energy (AGEL) will now have 15 GW capacity under operation, construction or under contract.
Gautam Adani, Chairman of the Adani Group said, "This award is yet another step in our nation's climate change promise to the world as well as enabling our nation's AtmaNirbhar Bharat Abhiyan (self-reliant India program). It is another step towards fulfilling our group's nation building vision." 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 company said. 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, it added.
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 said.