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Adani becomes largest solar power generation owner globally

Adani group won the world’s largest solar energy tender award this week. Adani Green Energy Ltd on Tuesday revealed that it had won a government contract to build solar plants in India with a total capacity of 8 gigawatts (GW) at a cost of $6 billion over the next five years. Adani group won the world’s largest solar energy tender award this week. 

The details

Adani Green Energy Limited (AGEL) established its first solar project in 2015 and even as recently as 2017 the company had completed just two solar projects. The Company went public (NSE: ADANIGREEN) in 2018 and has accelerated its presence to reach the current milestone of being the largest solar player in the world in a short span of just 5 years, with a target to achieve an installed generation capacity of 25 GWac of renewable power by 2025.

The renewable energy developer, part of the Adani Group, said the first 2 GW of generation capacity will come onstream by 2022 and the rest will be added to annual 2 GW increments through 2025.

The Adani Group will also establish a solar cell and module manufacturing capacity of 2 GW by 2022 as part of a contract from state-run Solar Energy Corp of India (SECI), it said.

Response to the rankings

In a press statement, Gautam Adani, Chairman of the Adani Group said: “Achieving this ranking is a direct result of our commitment to creating the infrastructure needed for a clean powered future. While we are pleased to be ranked the largest solar player in the world, we recognize that there is a lot more that remains for us to do as the world transitions into an increasingly decarbonized energy landscape. We anticipate that over the next decade several existing business models will be impacted as a result of the disruption caused by the intersection of plummeting cost of renewable energy and the ability of technology to rescale industries.”

Source: Adani group website

He added: “We expect our renewable energy platform will create new possibilities for our core business and we will be able to address some of the most intractable problems that humankind has faced, including affordable decentralized energy, availability of distributed clean water, green hydrogen as an alternate fuel, and micro agriculture, among others.”

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June: Solar agreement from the Solar Energy Corporation of India (SECI)

Adani Green Energy Limited (AGEL, NSE: ADANIGREEN) has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As 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. The award, the largest of its type ever in the world, 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.

Commenting on the win, Mr 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 decarbonisation, 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 just eight nations on track to meet their COP21 commitments.

Source: Adani group press release

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