Adani Green Energy bags Rs.45000 Crore Solar contract from SECI
Adani Green Energy Limited has bagged world’s largest bid worth Rs.45000 Crore ($6 Billion) from Solar Energy Corporation of India (SECI).
Adani Green Energy Limited
Adani Green Energy Limited (AGEL) is a Renewable Energy Company owned by Indian Conglomerate Adani Group. It is headquartered in Ahmedabad, Gujarat and is led by Gautam Adani.
The company develops and operates utility-scale grid-connected solar and wind farm projects. AGEL operates Kamuthi Solar Power Project in Tamil Nadu which is one of the largest photovoltaic plants in the world.
Manufacturing Linked Solar Contract
SECI has awarded AGEL the first of its kind manufacturing linked Solar Contract to develop 8 GW solar projects and to establish 2 GW of additional solar cell and module manufacturing capacity with the investment of $6 Billion.
Azure Power Global Limited also won a bid to build a Photovoltaic (PV) project of 4000 MW and solar kit manufacturing capacity of 1000 MW.
Based on the Award Agreement, AGEL will implement the 8 GW solar projects over the next five years. The first 2 GW of generation capacity will come online by 2022 and subsequently, 6 GW capacity will be added in 2 GW annual increments through 2025.
The solar cell and module manufacturing capacity of 2 GW will be established by 2022. The Company has an existing 1.3 GW capacity, by further development of 2GW, the Company will become India’s largest solar manufacturing facility.
The AGEL Management has said that this is the single biggest investment announced after the launch of Atma Nirbhar Bharat Abhiyan (Self Reliant India Program). The solar contract will help in the creation of 4,00,000 direct and indirect jobs. The renewable energy generated through the projects is expected to displace 900 million tonnes of Carbon Dioxide over its lifetime.
The Management also added that this award will take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of Rs 1,12,000 crore ($15 Billion) in the renewable energy space over the next 5 years.
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