The first 2 gigawatts of generation capacity will start by 2022 and the remaining, through 2025.
The Gautam Adani-led Adani Green Energy Limited (AGEL) has bagged one of world's largest solar contract from the state-run Solar Energy Corporation of India (SECI) to develop 8 gigawatt solar projects and a commitment to establish additional 2 gigawatt additional solar cell and module manufacturing capacity at a total cost of Rs 45,000 crore. The first 2 GW of generation capacity will come onstream by 2022 and the remaining will be added in annual 2 GW increments through 2,025.
The project work, spread over 5 years, will create job opportunities for over 4 lakh people and take Adani Green closer to its goal of becoming the world's largest renewable power company by 2025.
Mr. Gautam Adani, Chairman of the Adani Group said, "We are indeed honored to be selected by the Solar Energy Corporation of India for this landmark award. The fact that renewable power will transition into becoming the world's cleanest and most economical fuel is a foregone conclusion and the Adani Group intends to play a leading role in this journey,”
"The company will build 8 gigawatts of generation projects, while group company Adani Solar will construct 2 gigawatts of manufacturing capacity for solar cells and modules," Adani Green said in a stock exchange filing. The first 2 gigawatts of generation capacity will start by 2022, with the remaining capacity will be installed in 2-gigawatt annual increments through 2025.
The project will be spread across a variety of locations throughout the country. “The projects will include a variety of locations, including a 2000 MW single-site generation project that is tied for the rank of the largest single-site project announced globally,” Adani Green said.
The solar manufacturing facility will be ready by 2,022. The bids for the projects were conducted last year by Solar Energy Corporation of India. Adani Green currently has almost 6 gigawatts of capacity in operation or under construction and is seeking to have 25 gigawatts installed by 2025, according to its website.
India currently imports over 90 per cent of its solar cell and module requirements from China.
Adani Green is the clean energy arm of the Adani conglomerate. The shares of Adani Green Energy were trading at Rs 328, higher by Rs 16 or 4.9 per cent, on the BSE.
