Adani Green Energy Limited has reportedly captured the largest solar bid in the world, envisaging a total investment of nearly $6 billion. The solar bid entails the construction of a solar PV plant with 8,000-MW capacity as well as the building of a domestic solar panel, with 2,000-MW manufacturing capacity.

The company will also be able to build a 4,000-MW PV project and 1,000-MW of solar kit manufacturing capacity under renewable energy agency SECI’s solar power projects that are domestic manufacturing-linked.

The SECI board has given approval for the awards in the tenders for these domestic manufacturing-linked projects, which was closed in November 2019 at ₹2.92 per unit tariff.

Higher tariff of ₹2.93 per unit is available for the domestic manufacturing-linked projects, which is against an average tariff of ₹2.60 per unit for the general projects. The current domestic manufacturing capacity of the solar cell in India stands at 3,300-MW, with 8,000-MW as the module-making capacity.

Adani’s stock opened on the National Stock Exchange (NSE) at ₹288.35 and closed at ₹297.75 after a high & upper circuit of ₹298.45 recently. The company is likely to develop a solar facility in Gujarat and Rajasthan. Barmer, Jalore, Jodhpur, Bikaner, and Jaisalmer are the regions approved by the Rajasthan government for the company to set up the solar infrastructure. The preferred site for building the solar facility in Gujarat is Kutch.

The recent tender had invited bids that were twice the capacity on offer, which was the 1st renewable energy capsules’ over-subscription in over 2 years. This was the period where the wind & solar projects with the capacity of over 10,000-MW had to be retendered, postponed, or extended in the event of no response from the investors.

People with knowledge of the matter have stated that the prevention of the import of cheap products, predominantly from China or South Asia-based Chinese companies subsidized by Beijing, as well as other measures have encouraged bidders.

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