Adani Green Energy Ltd completes PPA with SECI for 8000-MW solar power
Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Co-Head of Deutsche Bank, invested $5.4 million and $1.2 million, respectively, according to the report.
IANS
Representative image
MUMBAI: The Adani Green Energy Ltd (AGEL) has executed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) 1,799-MW solar power for a period of 25 years, an official said on Monday.
With this, the AGEL has completed the power offtake tie-up for the entire 8,000-MW manufacturing-linked solar tender awarded by the SECI in June 2020, which was the world’s largest tender for solar power.
AGEL CEO Amit Singh said that the company has concluded the largest green PPA to enable a sustainable energy landscape as part of its commitment to achieving India’s decarbonisation goals and contributing to the Atmanirbhar Bharat initiative.
“Aligned to India’s target of 500 GW non-fossil fuel capacity by 2030, Adani Green is determined to deliver in excess of 45 GW renewable energy, a five-fold increase from our current operating portfolio. This reaffirms our resolve to provide affordable and accessible clean energy,” said Singh.
Progressing on the AGEL’s commitments to the SECI’s solar PV tender including setting up a 2-GW of PV cell and module manufacturing facilities, the company has commissioned a 2-GW per annum solar PV cell and module manufacturing plant through its associate Mundra Solar Energy Ltd..
The MSEL is located at Mundra in Gujarat in which AGEL holds 26 per cent shares through its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd.
With this, AGEL has tied up PPAs of 19.8-GW and the balance is merchant capacity in its 20.6-GW locked-in portfolio, said Singh.
The portfolio is fully de-risked for execution of 45-GW capacity by 2030, with over 200,000 acres of land already tied up in resource rich areas of India in 12 states.
AGEL develops, owns, and operates utility-scale grid-connected solar, wind and hybrid renewable power plants.
With a locked-in growth trajectory up to 20.6 Gigawatt (GW), AGEL currently has an operating renewable portfolio of 8.4 GW, the largest in India, offsetting over 41 million tonnes of CO2 emissions cumulatively.
AGEL is credited with developing several landmark renewable energy power plants, the latest being the world’s largest wind-solar hybrid power cluster of 2,140 Megawatt (MW) in Jaisalmer, Rajasthan.
AGEL is focused on leveraging technology to reduce the Levelised Cost of Energy (LCOE) in pursuit of enabling large scale adoption of affordable clean energy.
AGEL’s operating portfolio is certified ‘water positive for plants of more than 200 MW capacity’, ‘single-use plastic free’ and ‘zero waste-to-landfill’, a testament to the company’s commitment of powering sustainable growth.
