Adani Green To Invest Rs 45,000 Crore To Build Mega Solar Project

The project takes Adani Green closer to its goal of becoming the world's largest renewable power company by the year 2,025.

Adani Green To Invest Rs 45,000 Crore To Build Mega Solar Project

The first 2 gigawatts of generation capacity will start by 2022 and the remaining, through 2025.

Billionaire industrialist Gautam Adani-led Adani Green Energy will invest Rs 45,000 crore to execute the world's largest solar order. The company - part of the Adani Group - said it has has won the contract from Solar Energy Corporation of India (SECI) to develop 8 gigawatts (GW) of solar projects, and establish 2 GW of additional solar cell and module manufacturing capacity, at a cost of $6 billion (Rs 45,000 crore at $1 = Rs 75) . The deal will help Adani Green take its current installed capacity from almost 6 gigawatts to 25 GW by 2025 to become the world's largest renewable power company.

The company said the deal is the largest of its type and also largest in the world, and the investment will create 4 lakh direct and indirect jobs.

"The company will build 8 gigawatts of generation projects, while group company Adani Solar will construct 2 gigawatts of manufacturing capacity for solar cells and modules," Adani Green said in a filing to stock exchanges on Tuesday.

The projects are spread in various locations including a 2-GW single-site generation project that is tied for the rank of the largest single-site project announced globally, Adani Green Energy said.

"The Hon'ble Prime Minister Mr. Narendra Modi made a commitment at the 2015 United Nations Climate Change Conference in Paris that India would lead the Climate Change revolution and will in fact fulfill majority of its COP21 commitments nine years ahead of the 2030 deadline," said Gautam Adani, chairman, Adani Group.

"We are indeed honored to be selected by the Solar Energy Corporation of India for this landmark award."

The solar manufacturing facility will be ready by 2022. While the first 2 GW of capacity will start by 2022, the remaining capacity will be installed in 2-GW annual increments through 2025.

The bids for the projects were conducted last year by state-run Solar Energy Corporation.