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Adani Green Energy Ltd has successfully won the bid for the world's largest solar project to build an 8,000 MW photovoltaic (PV) power plant and build a 2,000 MW domestic solar panel production capacity, with an estimated total investment of about US$6 billion
.
It is the largest tender of its kind in the world, with a single investment of US$6 billion, the creation of 400,000 direct and indirect jobs, and the expected reduction of 900 million tonnes of CO2
over its lifetime.
Under the grant agreement, the company will implement 8 GW of solar development projects
over the next five years.
By 2022, the first phase of 2 GW of generation capacity will come online, and by 2025, the subsequent 6 GW of capacity will come online
in 2 GW annual increments.
At the same time, 2 GW of solar cell and module manufacturing capacity
will be established by 2022.
The successful bid for the project will help cement Adani Green Energy's position as India's largest solar manufacturing plant, helping to accelerate its journey
to becoming the world's largest renewable energy company by 2025.
The project is expected to bring the company closer to its goal of 25 GW of installed renewable energy capacity
by 2025.
Azure Power will also build a 4,000 MW PV project and a 1,000 MW solar module manufacturing capacity
under a domestic manufacturing-related solar project offered by state-run renewable energy agency SECI (formerly Solar Energy Corporation of India).
As specified, for projects linked to local manufacturing, SECI also offers PPAs (Power Purchase Agreements), which are purchased in four times
the scale offered.
India currently has a domestic solar cell manufacturing capacity of 3,300 MW and module manufacturing capacity of 8,000 MW
.
The tender attracted bids with twice the capacity
offered.
This is the first time in nearly two years that a renewable energy project has been oversubscribed, during which auctions of more than 10,000 megawatts of solar and wind projects have had to be extended, postponed or retendered
without a response from investors.
Adani Green Energy Ltd has successfully won the bid for the world's largest solar project to build an 8,000 MW photovoltaic (PV) power plant and build a 2,000 MW domestic solar panel production capacity, with an estimated total investment of about US$6 billion
.
It is the largest tender of its kind in the world, with a single investment of US$6 billion, the creation of 400,000 direct and indirect jobs, and the expected reduction of 900 million tonnes of CO2
over its lifetime.
Under the grant agreement, the company will implement 8 GW of solar development projects
over the next five years.
By 2022, the first phase of 2 GW of generation capacity will come online, and by 2025, the subsequent 6 GW of capacity will come online
in 2 GW annual increments.
At the same time, 2 GW of solar cell and module manufacturing capacity
will be established by 2022.
The successful bid for the project will help cement Adani Green Energy's position as India's largest solar manufacturing plant, helping to accelerate its journey
to becoming the world's largest renewable energy company by 2025.
The project is expected to bring the company closer to its goal of 25 GW of installed renewable energy capacity
by 2025.
Azure Power will also build a 4,000 MW PV project and a 1,000 MW solar module manufacturing capacity
under a domestic manufacturing-related solar project offered by state-run renewable energy agency SECI (formerly Solar Energy Corporation of India).
As specified, for projects linked to local manufacturing, SECI also offers PPAs (Power Purchase Agreements), which are purchased in four times
the scale offered.
India currently has a domestic solar cell manufacturing capacity of 3,300 MW and module manufacturing capacity of 8,000 MW
.
The tender attracted bids with twice the capacity
offered.
This is the first time in nearly two years that a renewable energy project has been oversubscribed, during which auctions of more than 10,000 megawatts of solar and wind projects have had to be extended, postponed or retendered
without a response from investors.
