Adani Green energizes India’s renewable push, secures 8GW of solar power purchase pacts

Adani Green Energy Ltd (AGEL) has signed on Solar Energy Corp. of India (SECI) to supply the remaining 1,799 megawatts (MW) of the total 8 gigawatts (GW) of clean energy projects that it had secured in a tender in June 2020.

With the signing of the latest clean energy deal, Adani Green now has tied up power purchase agreements (PPA) of 19.8GW, the company said, adding that 20.6 GW is merchant capacity, or power generation capacity that is not sold under long-term contracts (such as PPAs) but sold on the open market.

With more than 200,000 acres already tied up in resource rich areas, the portfolio is fully de-risked for execution of 45GW capacity by 2030, Adani Green said in a statement, implying that it has taken necessary measures to minimize risks associated with expanding its energy generation capacity.

“We are glad to conclude the largest green PPA and enable a sustainable energy landscape. We are aligned with India’s target of 500GW of non-fossil fuel capacity by 2030. Adani Green is determined to deliver 45GW renewable energy, a fivefold increase from our current operating portfolio,” Amit Singh, chief executive officer of AGEL, said in the statement.

AGEL said it has already set up 2GW of solar photovoltaic (PV) cell and module manufacturing facilities.

“AGEL has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2GW per annum through associate company Mundra Solar Energy Ltd at Mundra in Gujarat. AGEL holds 26% shares of MSEL through its wholly owned subsidiary Adani Renewable Energy Holding Four Ltd,” Adani Green said in the statement.

The Solar Energy Corporation of India (SECI) had floated a 15GW tender, comprising 12GW solar PV plant capacity and 3GW domestic solar and module manufacturing capacity.

Adani Green Energy, part of the Adani Group, emerged as the winner to build 8GW of PV plants and 2GW of domestic solar panel manufacturing units.

Adani Green clinched the deal by quoting a tariff of ₹2.92 per kilowatt–hour (kWH). The tender requirements show that AEGL was expected to build 2GW solar projects by 2022, with three more 2GW chunks to be added in the subsequent three years.