Renewable energy arm of the Adani Group which has diversified interests in many fields now has signed world’s largest green power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 4,667 MW of green power. The firm Adani Green Energy Ltd (AGEL) is the worlds largest solar power developer. The agreement is part of the manufacturing-linked solar tender of 8,000 MW awarded to AGEL by SECI in June 2020.
Gautam Adani, the extraordinarily successful entrepreneur from Gujarat and the Chairman of the group, has said that their foray will enable India’s dual objective to accelerate India’s renewable energy footprint as well as promote domestic manufacturing under the Atmanirbhar Bharat programme. He also reiterated the group’s commitment to become the world’s largest renewables player by 2030.
It is becoming clear after the proceedings at COP26, that the world has to switch to a low carbon economy faster than previously anticipated. Adani Group has committed USD 50-70 billion of investment in the renewables space.
Out of the 8000 MW awarded in 2020, AGEL has signed PPA for total generation capacity of 6000 MW with SECI. AGEL expects to complete the balance 2000 MW PPA in the next couple of months.
