Adani Green Energy Limited (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 8 GW (gigawatt) 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 will entail a single investment of Rs. 45,000 crores (USD 6 billion) and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime.
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.
Chairman of Adani Group, Mr 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. India committed 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.”
“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,” he added.
This is the biggest investment announced since the launch of the Hon’ble Prime Minister of India, Shri Narendra Modi’s AtmaNirbhar Bharat Abhiyan (Self Reliant India Program). It is also another significant step in India continuing to lead the world in battling climate change and furthering the commitment the Hon’ble Prime Minister of India made to the world at the COP 21 summit in Paris in 2015.
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.
