India is one of the few nations that has an enormous potential for generating electricity from solar energy. Recently, the nation’s push towards the development of solar energy sources got a new impetus when Adani Green Energy Ltd, one of India’s leading solar energy companies, has inked an agreement to develop 8 GW of photovoltaic solar power projects.
According to sources familiar with the knowledge of the matter, the transaction is valued at about U.S. USD 6 billion. The project will also create 400,000 indirect as well as direct employment opportunities over the next five years. The group company Adani Solar will also establish 2 GW of extrasolar cell and module manufacturing capacity.
As per sources, the deal, which the company won from the SECI (Solar Energy Corporation of India), will strengthen the group’s position as the nation’s leader in solar energy. The agreement will help the company to achieve its target of 25 GW of renewable power by 2025
The company claims that projects will decrease CO2 emissions by 900 million tons over its lifetime. The 2 GW of solar generation capacity is expected to commence by 2022. It will develop this project in several locations including a 2 GW capacity single-site generation project.
Gautam Adani, the Chairman of Adani Group stated that the COVID-19 pandemic presented an opportunity to create a new and faster transition to green energy future.
The green energy transition could lead to investment opportunities of USD 19 trillion in renewable energy sources by 2050, Mr. Adani wrote in the post, giving reference of IRENA (International Renewable Energy Agency) report.
According to reliable reports, Adani Solar, Risen Energy, and Waaree Energies were the top three solar modules suppliers in the nation in terms of shipments in 2019. These three companies hold around 25% of the total market share in the nation.