Adani Green Energy Limited (AGEL) has won a manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI).
As a part of the award, AGEL will build 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 will entail a single investment of US$6 billion and will create 400 000 direct and indirect jobs. It will also displace 900 million t of CO2 over its lifetime.
With this win, AGEL will now have 15 GW of capacity under operation, construction or under contract. This award will also take AGEL 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 a total investment of US$15 billion in the renewable energy space over the next five years.
Based on the award agreement the 8 GW of solar 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. The solar cell and module manufacturing capacity of 2 GW will be established by 2022.
AGEL’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.
Read the article online at: https://www.energyglobal.com/solar/09062020/adani-green-energy-wins-solar-agreement-in-india/