33.4 C
Australia
Wednesday, October 21, 2020

Adani Green Energy wins the world’s largest solar award

Adani Green Energy wins the world's largest solar award; Leapfrogs towards goal of 25 GW installed capacity by 2025

Must read

VIDEO: Victorian girl discovered hiding in Qld-bound truck

A Victorian girl, who police discovered hiding behind the motive force’s seat of a Queensland-bound truck, has been ordered to depart the state...

North Head bushfire: Properties and companies evacuated

Properties and companies in Sydney’s northern seashores have been evacuated after a hazard discount burn jumped containment strains. Crews are working to regulate...
The Indian Telegraphhttps://theindiantelegraph.com.au/
Established in 2007, The Indian Telegraph is a multi award winning digital media company based in Australia.

Adani Green Energy Limited (AGEL, NSE: ADANIGREEN) have won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI).

Adani Green Energy wins the world's largest solar award
Adani Green Energy wins the world’s largest solar award

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 in India. This award, the largest of its type, ever, in the world, will entail a single investment of US $6 billion and will create 400,000 direct and indirect jobs in India. 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 also take Adani Green Energy Limited 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 $15 billion in the renewable energy space over the next 5 years.

Commenting on the win, Mr. Gautam Adani, Chairman of the Adani Group said: “The Hon’ble Prime Minister Mr. Narendra Modi made a commitment at the 2015 United Nations Climate Change Conference in Paris that India would lead the Climate Change revolution and will in fact fulfill majority of its COP21 commitments nine years ahead of the 2030 deadline. We are indeed honored to be selected by the Solar Energy Corporation of India for this landmark 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. 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.”

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.

Fast Facts:

  • Under this award, AGEL will build 8 GW of solar projects and Adani Solar will establish 2 GW of additional solar cell and module manufacturing capacity in India (Adani Solar provided solar panels for Adani Australia’s Rugby Run Solar Farm near Moranbah in Central Queensland).
  • This single AGEL contract will result in the installation of new solar capacity in India that is more than double current installed solar capacity in Australia and will entail an investment of US$6 billion.
  • 900 million tonnes of carbon dioxide displaced over the project’s lifetime.
  • This win means AGEL will now have 15 GW capacity under operations, construction or under contract.

Latest article

Cricket: The Large Bash may miss out on some star gamers if groups can’t signal them quickly

Large Bash groups may miss out on signing a 3rd star import for the approaching BBL season, paid for by Cricket Australia, if...

Australia Put up monitoring: IT glitch causes main disruptions

IT glitches in Australia Put up’s software program are inflicting main disruptions to its notifications and parcel monitoring providers.The nation’s postal service has...

Brisbane site visitors: Extinction Revolt blocks street, site visitors chaos

A protester has suspended herself on an “uncomfortable” tripod above a significant Brisbane arterial street, which has created peak hour chaos on Wednesday...

Coronavirus Victoria: Three extra circumstances, no new deaths

Victoria has recorded three new coronavirus case and no deaths on Wednesday as Melbourne’s all-important 14-day common continues to stay low.Melburnians have skilled...

Glebe crime: Boy, 5, punched in face whereas strolling with grandmother

Police have launched a manhunt after a five-year-old boy was punched within the face by a person whereas strolling by inner-city Sydney on...