Mr. Gautam Adani, Chairman, Adani Group
Adani Green Energy Limited (AGEL, NSE: ADANIGREEN) has won the first of its kind
manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As a
part of the award, AGEL will develop 8 GW of solar projects along with a commitment that will
see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity. This
award, the largest of its type, ever, in the world, will entail a single investment of Rs. 45,000
crores (US $6 billion) and will create 400,000 direct and indirect jobs. It will also displace 900
million tonnes of carbon dioxide over its lifetime.
With this win, 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 which in turn will see it committing an
investment of Rs. 112,000 crores ($15 billion) in the renewable energy space over the next 5
years.
This is the single biggest investment announced since the launch of the Hon’ble Prime Minister of
India, Shri Narendra Modi’s Atma Nirbhar Bharat Abhiyan (Self Reliant India Program). It is also
another significant step in India continuing to lead the world in battling climate change and
furthering the commitment the Hon’ble Prime Minister of India made to the world at the COP 21
summit in Paris in 2015.
Commenting on the win, Mr. 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. India made a commitment
at the 2015 United Nations Climate Change Conference in Paris that it would lead the Climate
Change revolution and today is the leader among the just eight nations on track to meet their
COP21 commitments.
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. This award is yet another step in our nation’s climate change promise to the world
as well as enabling our nation’s Atma Nirbhar Bharat Abhiyan (Self Reliant India Program). It is
another step towards fulfilling our Group’s Nation Building vision.”
Based on the award agreement the 8 GW of solar development projects will be implemented over
the next five years. The first 2 GW of generation capacity will come online by 2022 and the
subsequent 6 GW capacity will be added in 2 GW annual increments through 2025. The projects
will include a variety of locations, including a 2 GW single-site generation project that is tied for
the rank of the largest single-site project announced globally. The solar cell and module
manufacturing capacity of 2 GW will be established by 2022 and along with the existing 1.3 GW
of capacity will further consolidate the Group’s position as India’s largest solar manufacturing
facility.
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.
