Adani Green Energy (AGEL) on Monday said it has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1.79 gigawatts (GW) of solar electricity.
This is the final PPA with SECL to supply it 8 GW. The Adanis won the tender — the largest in the world — from SECL in June 2020.
The company has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum to supply SECI.
The plant is located at Mundra, Gujarat. AGEL holds 26 per cent of Mundra Solar Energy Ltd, which runs the facility, through its wholly owned subsidiary Adani Renewable Energy Holding Four Ltd.
According to AGEL, after the signing of the agreement with SECL, it now has tied up PPAs of 19.8 GW of its 20.6 GW locked-in portfolio, with the rest to be sold in the market.
``We are glad to conclude the largest green PPA and enable a sustainable energy landscape. Aligned to India’s target of 500 GW non-fossil fuel capacity by 2030, Adani Green is determined to deliver more than 45 GW renewable energy, a five-fold increase from our current operating portfolio,” Amit Singh, CEO of AGEL, said.
AGEL has an operating renewable portfolio of 8.4 GW, the largest in India, across 12 states. The company has set a target of producing 45 GW of renewable energy by 2030.
The group announced that it will invest $100 billion in green energy transition over the next 10 years across its ports, power and cement operations as part of a plan to become a net zero emitter by 2050.
The conglomerate is also building three giga factories to manufacture solar panels, wind turbines and hydrogen electrolysers.
The group has set a target to become net zero by 2050 or earlier for five of its portfolio companies including AGEL, Adani Energy Solutions Ltd, Adani Ports & SEZ Ltd, ACC and Ambuja Cements.
Keep balance
India will focus on setting up more coal-fired power projects as well as keep adding renewable generation capacity to achieve a 24x7 electricity supply for all in 2024 amid economic expansion and the need to ensure energy security in these times of rising geopolitical uncertainties.
In a reflection of ambitious plans, the Union power ministry has planned a whopping 91 GW of coal-based thermal power generation capacity entailing an investment of Rs 7.28 lakh crore over the next few years.
Union power and new and renewable energy minister R.K. Singh said: “24X7 supply of power is the right of the Indian consumer.”
“Similarly, energy security is of paramount importance for us. You have seen what happened in Europe due to the Russia-Ukraine war,” he said.
At present, the average power supply across India is 23.50 hours in urban areas and 22 hours in rural areas, he said.
Singh also said that the coal-based thermal power capacity will insulate the country from any geopolitical disruption and ensure energy security for the country at a time when the economy is expanding rapidly.
The coal-based capacity addition is also important given rising demand for electricity in the country as peak power demand was at an all-time high of 243.27 GW in September 2023.
