New Delhi: Billionaire Gautam Adani’s renewable energy firm ‘Adani Green Energy’ said Tuesday it has won the world’s largest solar order. The project is to build eight gigawatts of photovoltaic (PV) power plant along with a domestic solar panel manufacturing unit. The total investment for the project is to the tune of Rs 45,000 crore.
Under the offering of domestic manufacturing-lined solar projects from state-owned renewable energy agency SECI (formerly Solar Energy Corp of India), Adani Energy will set up a domestic solar panel manufacturing capacity of 2 GW (2,000 megawatts) as well as built 8 gigawatts (GW) of generation projects. The firm will get a fixed tariff of Rs 2.92 per kilowatt-hour (per unit) from the power plant over a contract period of 25 years.
“This is the world’s largest tender of such large capacity being bid out,” Adani said on a call. “This will help take Adani Green closer to its target of becoming the world’s largest renewable power company by 2025,” he added.
With this contract, ‘Adani Green’ now has a portfolio of 15 GW of renewable power generating assets. It hopes to win tenders for another 10 GW of capacity this year to help it achieve the 25 GW target informed Adani. He heads the USD 15-billion Adani Group – a sprawling conglomerate with interests in energy, agri-business, real estate and defence, among others.
The first 2 GW of generation capacity will start by 2022, with the rest installed in 2-GW annual increments through 2025, Adani informed.
While the company will build the projects at various locations, the solar manufacturing facility will be ready by 2022. Asked about the viability of Rs 2.92 per unit fixed tariff for 25 years, Adani said, “There is enough margin available. Plus we also have 3-5 years to implement the project. We are quite comfortable with the tariff.
Shares of the company rose five per cent to a record high of Rs 312.75 on the BSE, Tuesday.
Adani said the project will help India achieve its COP21 target of reducing carbon emission as it will displace 900 million tonne of carbon dioxide over its lifetime.
“This award is yet another step in our nation’s climate change promise to the world as well as enabling our nation’s AtmaNirbhar Bharat Abhiyan (self-reliant India programme). It is another step towards fulfilling our group’s nation-building vision,” he said.
PTI
