Adani signs world's largest green PPA with SECI, to supply 4,667 MW

Ahmedabad, December 14, 2021

Adani Green Energy Ltd (AGEL), the world’s largest solar power developer and the renewable energy arm of the diversified Adani Group, today said it had signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 MW of green power.

This is the world’s largest ever green power purchase agreement (PPA), a press release from the company said.

“We are pleased to have signed the world’s largest PPA with SECI,” said Gautam Adani, Chairman of the Adani Group. “This is yet another step in our journey to enable India's dual objective to accelerate India’s renewable energy footprint as well as promote domestic manufacturing under the Atmanirbhar Bharat programme. Following the proceedings at COP 26, it is increasingly evident that the world has to equitably transition to a low carbon economy faster than previously anticipated. This is why the Adani Group has committed US$50-$70 billion of investment in the renewables space. This agreement keeps us well on track to our commitment to become the world’s largest renewables player by 2030.”

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

So far, AGEL has signed PPAs with SECI for a total generation capacity of close to 6000 MW of the 8,000 MW awarded in 2020. AGEL expects to close the balance 2000 MW PPA in the next two to three months, the release added.

AGEL has one of the world’s largest renewable portfolios, with locked-in growth of 20.3 GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms. Listed in 2018, AGEL today is a $ 28 billion market cap company.

Mercom Capital, the US-based think tank, recently ranked Adani Group as the number one global solar power generation asset owner.

NNN