Adani Green Energy Ltd has successfully executed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for the supply of 1,799 megawatts (MW) of solar power, marking the culmination of the 8,000 MW manufacturing-linked solar tender secured by Adani Green in 2020.
In an official statement released on Monday, the renewable energy company revealed that with this development, Adani Green has now secured PPAs for a total of 19.8 gigawatts (GW), with the remaining capacity classified as merchant capacity within its locked-in portfolio of 20.6 GW.
The statement emphasized that Adani Green has already secured over 200,000 acres of land in resource-rich areas across India, fully de-risking the portfolio for the execution of 45 GW capacity by 2030.
Amit Singh, the CEO of Adani Green Energy, highlighted the alignment of the power purchase agreement with SECI with India’s ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030. Singh expressed Adani Green’s determination to exceed this target, aiming for over 45 GW of renewable energy, representing a substantial increase from their current operating portfolio.
The SECI tender, integral to the agreement, includes the establishment of 2 GW of photovoltaic (PV) cell and module manufacturing facilities. Adani Green informed that it has already commissioned a solar PV cell and module manufacturing plant in Mundra, Gujarat, with a capacity of 2 GW per annum through its associate company Mundra Solar Energy Ltd. Adani Green holds a 26% stake in MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd.
SECI, a company under the Ministry of New and Renewable Energy, plays a pivotal role in facilitating the implementation of India’s ‘National Solar Mission.’ The successful execution of this power purchase agreement further solidifies Adani Green Energy’s position in India’s rapidly expanding renewable energy landscape.