Adani Green Energy clinches world's largest solar bid worth 45,276 Crore

Gautam Adani led Adani Green Energy Limited (AGEL) has won one of world’s largest contract from Solar Energy Corporation of India (SECI) to develop 8 GW of solar projects along with a commitment to establish 2 GW of additional solar cell and module manufacturing capacity at cost of ₹45,000 crore or $6 bilion, creating 4 lakh direct and indirect jobs.“With this win, AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewables company by 2025. This award will take the Company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of ₹112,000 crores ($15 billion) in the renewable energy space over the next 5 years,” said a company statement.

Commenting on the win, Mr. Gautam Adani, Chairman of the Adani Group said, “We are honoured to be selected by SECI for this landmark solar award. In today’s world, climate adaptation cannot be considered independent of economic development priorities and both, job creation as well as decarbonization must be simultaneous objectives. India made a commitment at the 2015 United Nations Climate Change Conference in Paris that it would lead the Climate Change revolution and today is the leader among the just eight nations on track to meet their COP21 commitments. Meanwhile, shares of Adani Green Energy (AGEL) hit a new high of Rs 312.75, up 5 per cent on the BSE on Tuesday after the company said it has bagged the world's largest solar bid worth $6 billion. In the past three months, the stock of AGEL has zoomed 127 per cent, as compared to a 3.4 per cent decline in the S&P BSE Sensex.