Adani Green Energy wins world's largest solar contract worth $6 bil.
NEW DELHI, NNA – India’s clean energy firm Adani Green Energy Ltd. (AGEL) has won the world’s largest contract to develop eight million kilowatts of solar projects.
Amounting to an eye-watering 450 billion rupees ($6 billion), the contract also includes a requirement to establish two million kw of additional solar cell and module manufacturing capacity in the country. It was awarded by state-run Solar Energy Corp. of India.
To be developed over the next five years, the projects will displace 900 million tonnes of carbon dioxide over time as part of its commitment to battle climate change, said AGEL in a media statement on Tuesday. Its investment will also lead to the creation of 400,000 direct and indirect jobs.
Part of the diversified Adani Group, the company said, "With this win, AGEL will now have 15 GW (15 million kw) capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewable company by 2025."
The win will also push the company closer to its target of achieving an installed generation capacity of 25 million kw of renewable power by 2025. The company will commit to invest $15 billion in renewable energy over the next five years.
The first two million kw of generation capacity will come online by 2022. The subsequent six million kw capacity will be added in two million kw annual increments through 2025.
The projects will include a variety of locations, including a 2 million kw 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 along with the existing 1.3 GW of capacity will further consolidate the group’s position as India’s largest solar manufacturing facility," said the company statement.
Gautam Adani, chairman of the Adani Group said, “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. Today, India is the leader among eight nations on track to meet their commitments, said Adani.
Actively promoting clean fuel in the country, India has set an ambitious target to install 175 million kw of renewable energy, including 100 million kw of solar power, in the country by December 2022.
According to the Ministry of New and Renewable Energy, a cumulative renewable energy capacity of 86.75 million kw has already been installed by the end of February this year. An additional capacity of 33.72 million kw is under various stages of implementation while 34.07 million kw falls under various stages of bidding.
Most of the grid connected renewable energy projects in the country are being carried out by private developers selected in a transparent competitive bidding process.
The country's renewable energy sector received an investment of 685.50 billion rupees in calendar year 2019, R K Singh, the Minister of Power, New and Renewable Energy, informed parliament in March this year.