Adani Green Energy wins the World’s largest solar award

Last Updated on 08th January 2024

The Solar Energy Corporation of India on 9th June has awarded Adani Green Energy Limited (AGEL) a first-of-a-kind manufacturing-linked solar agreement totaling 8 GW to be delivered over 60 months. AGEL is part of the Adani Group, a diversified company in India with a combined market cap of USD 22 billion comprising six publicly traded companies.

As a part of the deal, AGEL will be developing 8 GW of solar projects to be delivered over 60 months. That comes alongside a commitment that Adani Solar establish 2 GW of new solar cell and module manufacturing capacity. The project will incur a single investment of USD 6 billion and displace 900 million tonnes of carbon dioxide over its lifetime.

With this project award, AGEL will now have 15 GW capacity under operation, construction, or under contract. The company aims to become the World’s largest renewables company by 2025. Specifically, this project allows the company to come closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025. That in turn will make the company make an investment of USD 15 billion in renewables over the next five years.

Mr. Gautam Adani, Chairman of the Adani Group commented, “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.”

By 2022, the first 2 GW of generation capacity will come online, with the subsequent 6 GW capacity to 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, and the existing 1.3 GW of capacity means AGEL will overtake ReNew Power as the largest renewable player. AGEL will come to manage a renewable portfolio with a 15 GW capacity compared to ReNew’s 8.65 GW renewable assets.

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