India's Adani Green wins 10 GW of solar development, manufacturing projects

India’s Adani Green Energy Ltd (BOM:541450) has won a tender for an 8-GW solar project with a manufacturing component, touted as the biggest award of its kind globally.

The Gujarat-based solar power developer said in a bourse filing on Tuesday that the project will require an overall investment of USD 6 billion (EUR 5.32bn), to be earmarked for the construction of multiple photovoltaic (PV) plants and 2 GW of solar cell and module manufacturing capacity. The tender was held by the Solar Energy Corporation of India (SECI).

Under the ambitious plan, the solar parks will be installed over the next five years across the country, with the first 2-GW batch expected to be brought online by 2022. The remaining 6 GW will be built in 2-GW portions each year through 2025. While most of the capacity will be spread across different locations, 2 GW of the capacity will be installed on a single site.

The PV cell and module production facilities will be built by 2022.

With the latest award, Adani Green will have 15 GW of renewables capacity under operation, construction or under contract, the Indian firm said. Its goal is to reach 25 GW of installed power generation capacity by 2025 that will be made possible through a USD-15-billion investment.

(USD 1.0 = EUR 0.887)

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