The company has won the single largest solar development bid ever awarded, totaling 8 GW to be delivered over a period of 60 months.
June 9, 2020
Shares of Adani Green Energy (AGEL) hit a new high of Rs. 312.75, up 5 percent on the BSE after the company said it has bagged the world’s largest solar bid worth $6 billion.
“The company 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,” Adani Green Energy said in an exchange filing.
This award, the largest of its type, ever, in the world, will entail a single investment of Rs 45,000 crore (USD 6 billion) and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime, it said.
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.
As reported in a leading daily, in a rare move, the company recently informed that they have faced no material impact from Covid-19.
The managements said 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 crore ($15 billion) in the renewable energy space over the next 5 years.
