Adani Green Energy has won a manufacturing-linked solar agreement from the Solar Energy Corporation of India (SECI) which will see it build 8GW of photovoltaic projects over the next five years.
The contract also comes with a commitment that will see Adani Solar establish 2GW of additional solar cell and module manufacturing capacity in India.
The first 2GW of generation capacity will come online by 2022 and the subsequent 6GW capacity will be added in 2GW annual increments through 2025.
The Solar Energy Corporation of India is owned by India’s Ministry of New and Renewable Energy.
Adani Green Energy said the award was the largest of its type in the world and would entail an investment of $6bn and create 400,000 direct and indirect jobs, as well as displacing 900 million tons of carbon dioxide over its lifetime.
The projects will include a variety of locations, including a 2GW single-site generation project said to be tied for the rank of the largest single-site project announced globally.
The additional solar cell and module manufacturing capacity of 2GW will be established by 2022 and along with the existing 1.3GW of capacity will further consolidate the group’s position as India’s largest solar manufacturing facility, the company said.
Adani Green Energy said the contract would help its business model of focusing on long-term contracts, rapidly constructing large projects, and thereafter building solar development partnerships with major global integrated energy players, which has enabled it to expand rapidly since its public listing less than two years ago.
Adani Group chairman Gautam Adani said: “We are indeed honoured to be selected by the Solar Energy Corporation of India for this landmark award… 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.”
The win brings Adani Green Energy to a total of 15GW of capacity under operation, construction or contract, which it said would help the company in its goal to become the world’s largest renewables company by 2025.
Adani is aiming for an installed generation capacity of 25GW of renewable power by 2025 which in turn will see it committing a total investment of $15bn in the renewable energy space over the next five years.