Adani Green to Invest $6 Billion in World’s Top Solar Project
The project takes Adani Green closer to its goal of becoming the world’s largest renewable power company by 2025.
(Bloomberg) -- Adani Green Energy Ltd. will invest 450 billion rupees ($5.96 billion) to execute what it called the world’s largest solar order.
The company will build 8 gigawatts of generation projects, while group company Adani Solar will construct 2 gigawatts of manufacturing capacity for solar cells and modules, it said Tuesday in a stock exchange filing. The project takes Adani Green closer to its goal of becoming the world’s largest renewable power company by 2025.
The generation and manufacturing project is a sign of India’s aspirations to boost its renewable energy capacity as well as build domestic capacity for making solar equipment. Adani Green will get a fixed tariff of 2.92 rupees a kilowatt-hour from the power plant over a contract period of 25 years, it said.
The first 2 gigawatts of generation capacity will start by 2022, with the rest installed in 2-gigawatt annual increments through 2025, Adani said. The company will build the projects at various locations.
The solar manufacturing facility will be ready by 2022. The bids for the projects were conducted last year by state-run Solar Energy Corp. of India. Adani Green currently has almost 6 gigawatts of capacity in operation or under construction and is seeking to have 25 gigawatts installed by 2025, according to its website.
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