In a major development, Gautam Adani led Adani Green Energy Limited (AGEL) has won one of world’s largest solar contract from Solar Energy Corporation of India (SECI). The firm will develop 8 GW of solar projects along with a commitment to establish 2 GW of additional solar cell. The deal is worth Rs 45,000 crore or $6 bilion.
“AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewables company by 2025. This award will take the Company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025,” said company statement.
Gautam Adani, Chairman of the Adani Group said, “We are honoured to be selected by SECI for this landmark solar award. In today’s world, climate adaptation cannot be considered independent of economic development priorities and both, job creation as well as decarbonization must be simultaneous objectives.”
This is the single biggest investment announced since the launch of the Prime Minister Narendra Modi’s Atma Nirbhar Bharat Abhiyan. It is also another significant step in India continuing to lead the world in battling climate change and furthering the commitment the Prime Minister made to the world at the COP 21 summit in Paris in 2015. The contract will also displace 900 million tonnes of carbon dioxide over its lifetime.
Adani Green Energy Limited’s business model of focusing on long-term contracts with investment grade counterparties, rapidly constructing large projects, and thereafter building solar development partnerships with major global integrated energy players that seek to reduce their carbon footprint has enabled it to expand rapidly since its public listing less than two years ago. This new contract will further help strengthen this model.