Adani Green Energy wins world’s largest solar award

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Adani Green Energy has secured a Solar Energy Corporation of India (Seci) award to develop 8 GW of Indian solar project capacity that will include a 2 GW mega-site which will jointly hold the record for the world’s biggest solar park, according to a report on the Globe Newswire business news service this morning.

The Ahmedabad-based developer, part of commodities trading conglomerate Adani Group, landed the deal in return for committing to establish 2 GW of cell and module manufacturing capacity in India as part of Seci’s ambitious manufacturing-linked solar tender.

“This award, the largest of its type ever in the world, will entail a single investment of $6 billion (Rs45,350 crore) and will create 400,000 direct and indirect jobs,” said a company statement reported by Globe Newswire. “It will also displace 900 million tons of carbon dioxide over its lifetime.”

Adani was reported to have placed bids for 4 GW of solar capacity in the Seci tender held in November, in return agreeing to establish solar manufacturing facilities with an annual production capacity of 1 GW. The company appears to have exercised a ‘green shoe’ option permitted under the exercise to double both capacities.

Timeline

New Delhi-based Azure Power was the other winning developer in the huge procurement exercise, securing up to 4 GW of solar capacity in return for 1 GW of cell and module production lines.

Adani said the first, 2 GW slice of solar generation capacity will come online by 2022 with the balance added in 2 GW annual installments up to 2025. The solar projects involved will include one 2 GW site, according to Globe Newswire. The 2 GW of manufacturing facilities will also be established by 2022.

With the 8 GW project win, Adani claims to have surged towards its renewables capacity goal of “25 GW by 2025,” as it is now on track to have 15 GW of capacity under operation or contract or being constructed by that point. The 2 GW of manufacturing capacity will add to its existing 1.3 GW solar module capability, consolidating its position as India’s largest solar manufacturer.