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    Southern Company forms Southern Energy Resources group, names Cummiskey Group CEO

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    GE Renewable Energy to Hire Hundreds at French Blade Plant

    Ontario Power Generation awards $100m contract for hydro plant rebuild

    Ontario Power Generation awards $100m contract for hydro plant rebuild

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    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

    Bolivia will invest US $ 2,560 million for electricity reserves

    NorthWestern Buys Two Dot Wind Farm LLC, a 9.7-megawatt wind project Wind Project in Central Montana

    NorthWestern Buys Two Dot Wind Farm LLC, a 9.7-megawatt wind project Wind Project in Central Montana

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    COVID-19 crisis reinforces the importance of the sustainable energy transition

    Adani Green Energy wins world’s biggest solar bid of Rs 45,000 crore

    Sterling and Wilson Solar Solutions bags USD 99 million solar project in US

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    Alpha Omega Construction Group to Offer GAF Energys Innovative Solar Roof Systems

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Home Press Statements

Adani Green Energy wins world’s biggest solar bid of Rs 45,000 crore

in Press Statements, Solar Energy
COVID-19 crisis reinforces the importance of the sustainable energy transition

Adani Green Energy, the renewable energy arm of Adani Group, has bagged “the world’s largest solar tender” from the Union government to construct an 8-gigawatt (Gw) photovoltaic power plant and set up a 2-Gw solar cell and module manufacturing capacity in five years. This would entail an investment of Rs 45,000 crore at a time when companies in almost all sectors are looking to cut down capital expenditure.

With this win, the company is now the largest renewable power generator in the country with 15 Gw of renewable capacity under various stages of development. It is followed by ReNew Power with an 8.5-Gw capacity and Azure Power with a 6.5-Gw capacity.

Adani Green, so far, has 2.5 Gw of operational and 3.5 Gw of under-construction solar and wind power capacity in the country. It also has 1.3 Gw of solar cells and modules manufacturing capacity.

“The fact that renewable power will transition into becoming the world’s cleanest and most economical fuel is a foregone conclusion, and Adani Group intends to play a leading role in this journey,” said Gautam Adani, chairman, Adani Group.

Moody’s Investor Services, however, recently had downgraded the rating of Adani Green Energy, along with seven other infrastructure majors, including public sector companies.

ALSO READ: Delhi govt’s alarm bell: 550,000 Covid cases by July-end, says Deputy CM

“The downgrade of Adani Green Energy Restricted Group’s ratings reflects the group’s dependence on sovereign-owned entities, such as SECI (Solar Energy Corporation of India), for more than 70 per cent of the offtake from its power projects. As a result, the ratings are constrained by the weakening credit profiles of the group’s off-takers,” Moody’s said.

The project was won by Adani Green in November last year when the Centre had awarded a tender for power-project linked solar manufacturing.

SECI had invited bids for 2 Gw of solar manufacturing and 6 Gw of linked solar power plants. After facing delays and extensions for close to two years, the tender for solar manufacturing received bids in November last year. This was oversubscribed by the industry.
Adani Green submitted a bid for 1-Gw solar cell manufacturing and 4-Gw solar power plants. Azure Power submitted for 0.5 Gw of manufacturing and 2-Gw power plants. Sources said both Adani and Azure quoted a tariff of Rs 2.9 per unit. SECI officials did not respond on the development.

There was a greenshoe option for the bidders to increase their manufacturing and power generation capacity. Adani, under the greenshoe option, offered an additional 1.5 Gw capacity of solar cell and module manufacturing and 6 Gw solar power generation. Azure quoted an additional capacity of 0.5 Gw for manufacturing and 2 Gw for power generation.

“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. This award, the largest of its type, ever, in the world, will entail a single investment of $6 billion and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime,” Adani Green said in a public statement.

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