Adani Green Energy Limited (AGEL) announced this week that it 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 build 8 GW of solar projects along with a commitment to establish 2 GW of additional solar cell and module manufacturing capacity. The award, which is the first of its kind globally, will entail an investment of US $6 billion. It also aims to displace 900 million tons of carbon dioxide over its lifetime.
Based on the agreement, 8 GW of solar projects will be implemented over the next five years, according to AGEL. The first 2 GW will come online by 2022 and the subsequent 6 GW will be added in 2-GW annual increments through 2025, in various locations.
Some of the projects include a 2-GW single-site generation project that is tied for the largest single-site project globally. The company said it aims to establish the 2-GW solar cell and module manufacturing plant by 2022, along with its existing 1.3 GW of capacity, which will result in the company becoming India’s largest solar manufacturer.
With this award, AGEL will have 15 GW of solar capacity under operation, construction or under contract. The award will also take the company closer to its target of achieving installed generation capacity of 25 GW of renewable power by 2025, in turn committing a total investment of $15 billion in renewables over the next 5 years.
Mr. Gautam Adani, Chairman of the Adani Group, commented, “The Hon’ble Prime Minister Mr. Narendra Modi made a commitment at the 2015 United Nations Climate Change Conference in Paris that India would lead the Climate Change revolution and will in fact fulfill the majority of its COP21 commitments nine years ahead of the 2030 deadline. We are indeed honored to be selected by the Solar Energy Corporation of India for this landmark award.”