Adani Green Energy Ltd (AGEL), the world’s largest solar power developer and the renewable energy arm of the diversified Adani Group, has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 MW of solar power.
The capacity is part of a manufacturing-linked solar tender of 8 GW awarded to AGEL by SECI in June 2020, which set a record for being the world’s largest solar development tender ever awarded.
With this, AGEL has signed PPAs with SECI for a total generation capacity of close to 6 GW (4,667 MW plus 867 MW=5,534 MW) of the 8 GW awarded in 2020. AGEL expects to close the balance of 2 GW PPA in the next two to three months.
AGEL had been awarded a PPA capacity of 8 GW solar power generation projects linked with the setting up of 2 GW solar PV manufacturing capacity.
AGEL, through its subsidiaries, has already signed PPAs for 867 MW at the tariff of INR 2.54 per unit for a period of 25 years. Further, contract agreements have been signed with the SECI for setting up of solar PV manufacturing plants for a total capacity of 2 GW. This will help AGEL move swiftly towards its target of 25 GW operational capacity by 2025.
“We are pleased to have signed the world’s largest PPA with SECI,” said Gautam Adani, Chairman of the Adani Group. “This is yet another step in our journey to enable India’s dual objective to accelerate India’s renewable energy footprint as well as promote domestic manufacturing under the Atmanirbhar Bharat (self-reliant India) programme. Following the proceedings at COP 26, it is increasingly evident that the world has to equitably transition to a low carbon economy faster than previously anticipated. This is why the Adani Group has committed US$50-$70 billion of investment in the renewables space. This agreement keeps us well on track to our commitment to become the world’s largest renewables player by 2030.”
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