Adani Green Energy Ltd has bagged a manufacturing-linked solar contract from the Solar Energy Corporation of India (SECI) to develop 8 GW of projects. The transaction is valued at ₹45,000 crore, or $6 billion, according to a stock exchange filing.
As part of the order, Adani Solar will establish 2 GW of additional solar cell and module manufacturing capacity.
With this win, Adani Green will have 15 GW capacity under operation, construction or under contract. The company targets achieving an installed generation capacity of 25 GW of renewable power by 2025 at an investment of ₹1.12 trillion, or $15 billion, in the renewable energy space in the next five years.
“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,” said Gautam Adani, chairman of the Adani Group.
“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,” Adani added.
Based on the awarded agreement, the 8 GW of solar 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 by 2025.
The projects will include a variety of locations, including a 2 GW single-site generation project. 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 make the group India’s largest solar manufacturing facility.