Adani Green Energy Ltd (AGEL), a prominent player in renewable energy in India and globally, has finalized a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. This agreement marks the completion of AGEL’s power offtake commitments for the entire 8,000 MW manufacturing-linked solar tender awarded by SECI in June 2020. Notably, this tender made history as the world’s largest solar tender.
AGEL has diligently progressed on its commitments under the SECI manufacturing-linked solar PV tender, including the establishment of 2 GW PV cell and module manufacturing facilities. Through its subsidiary, Mundra Solar Energy Ltd (MSEL), AGEL has successfully commissioned a solar PV cell and module manufacturing plant boasting a capacity of 2 GW per annum. Situated in Mundra, Gujarat, this plant is a significant step in AGEL’s efforts. Additionally, AGEL owns 26% shares of MSEL via its wholly-owned subsidiary, Adani Renewable Energy Holding Four Ltd.
This development propels Adani Green’s total tied-up PPAs to 19.8 GW, with the remaining capacity falling under merchant status within its locked-in portfolio of 20.6 GW. Having secured vast land holdings spanning over 2 Lacs acres in resource-rich regions across India, AGEL has effectively mitigated risks associated with its portfolio, positioning it for the execution of a 45 GW capacity by 2030.
Amit Singh, CEO of Adani Green Energy Ltd, stated, “Adani Green is committed to furthering India’s decarbonization efforts and contributing to the Atmanirbhar Bharat vision. Our successful conclusion of the largest green PPA demonstrates our dedication to fostering a sustainable energy ecosystem. Aligned with India’s ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030, AGEL aims to deliver over 45 GW of renewable energy, marking a substantial increase from our current operating portfolio. This reiterates our commitment to offering affordable and accessible clean energy solutions.”