Adani signs largest ever green PPA with SECI for 4.66GW supply

The company said, “The AGEL-SECI agreement for supply of 4,667 MW is part of the 8,000 MW manufacturing linked solar tender awarded by SECI to AGEL in June 2020, which has set a record for being the world’s largest solar development tender. ” in a statement.

AGEL has a total portfolio of 20.3 GW, which includes operational and under construction projects. France’s Total has invested $2.5 billion to acquire a 50% stake in AGEL’s 2.35GW of operating solar assets and a 20% stake in AGEL. Adani-Total JV plans to commission 25GW by 2025.

“This is the largest green power purchase agreement in the world to date,” the statement said. So far, AGEL has signed PPAs with SECI for a total generation capacity of close to 6000 MW out of 8,000 MW awarded in 2020. AGEL has hope. To close the remaining 2000 MW PPA in the next two to three months.

At the COP-26 summit in Glasgow, India also announced its plan to increase non-fossil fuel power generation capacity to 500 GW by 2030. Earlier this year, AGEL bought solar power producer SB, owned by Japan’s SoftBank Group Corps and Bharti Enterprises Ltd. Energy India has an enterprise value of $3.5 billion.

“Following the proceedings at COP 26, it is becoming increasingly clear that the world is to transition equitably to a lower carbon economy than ever before. This is why the Adani Group invested US$50-$70 Bn in the renewable energy sector This agreement puts us well on track for our commitment to become the world’s largest renewable energy company by 2030,” Adani Group Chairman Gautam Adani said in the statement.

The Adani Group has drawn up ambitious green energy plans and is also among 20 firms, including BlackRock Inc., JSW Group and Canada’s Brookfield Asset Management Inc., that have entered into non-disclosure agreements (NAPs) for the sale process of Actis LLP’s renewable energy platform. NDA) has been signed. In India – Spring Energy – As Mint reported earlier. Indian firms including Adani Group, Reliance Industries Ltd and Acme Solar Holdings Ltd have also announced their green hydrogen plans.

India’s non-fossil fuel based capacity is on track to surpass the earlier target of 40% under its Nationally Determined Contribution (NDC). According to the government, India has already reached 38.5% of its installed power capacity from non-fossil fuels and this will increase to 66% by 2030. Also, India has already reached an emission reduction of 28%.

Adani Group is also among 19 firms that have bid to set up solar manufacturing units under the government’s ambitious Production Linked Incentive (PLI) scheme. Despite running the world’s largest green energy programme, India has a domestic manufacturing capacity of only 3GW for solar cells and 15GW for solar modules.