Adani Green Energy Ltd (AGEL), the clean energy arm of diversified conglomerate Adani Group, has bagged the world's largest solar bid worth $6 billion (Rs 45,276 crore).
“The company has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI),” Adani Green said in a stock market disclosure.
As part of the award, AGEL will develop 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity.
The first 2 GW of generation capacity will come online by 2022 and the subsequent 6 GW capacity will be added in 2 GW annual increments through 2025.
The billionaire Gautam Adani-controlled group said the projects will create 400,000 direct and indirect jobs and will also displace 900 million tonnes of carbon dioxide over its lifetime.
This award will also take Adani Green Energy closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025.
The conglomerate is going to commit a total investment of $15 billion in the renewable energy space over the next 5 years.
Adani Green has seen an exponential rise in its valuation since it listed on the stock exchanges. In the five months since the beginning of September last year, shares of Adani Green moved from Rs 45-46 levels to a record high Rs 243.25, in January this year.
With a market capitalization of nearly Rs 30,000 crore, Adani Green has stormed into the club of India’s top 100 listed companies, leaving several stock market analysts bemused with such steep valuations.
Early this year, it entered into an equal joint venture with French energy giant Total SA. The JV will house 2,148 MWac of operating solar projects.