Adani Green Energy Ltd. has secured buyers for the entire 8 gigawatts of green power projects it won in a tender more than three years ago, reaching a milestone in its plan to expand generation capacity by more than five-fold by the end of the decade.
The green energy arm of billionaire Gautam Adani’s coal-to-airports conglomerate signed a 25-year contract with Solar Energy Corp. of India, or Seci, for the remaining 1.8 gigawatts, it said Monday. State-run Seci conducted the auction and is the intermediary between the project developer and buyers of electricity.
The deal indicates a shift among state power retailers to sign long-term offtake contracts after a post-pandemic economic recovery, with extreme weather conditions further boosting electricity demand in the country. The utilities had earlier shunned long-term contracts amid sluggish demand, waiting for prices to drop in project auctions.
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Seci awarded the project to Adani in June 2020 in an auction that combined solar power generation and equipment manufacturing. Rival Azure Power Global had won bids for building 4 gigawatts of solar power plants.
{{/usCountry}}Seci awarded the project to Adani in June 2020 in an auction that combined solar power generation and equipment manufacturing. Rival Azure Power Global had won bids for building 4 gigawatts of solar power plants.
{{/usCountry}}Adani Green has 8.4 gigawatts of operating renewables portfolio and plans to invest $22 billion to expand the capacity to 45 gigawatts by 2030. With the latest deal, the company has offtake agreements for 19.8 gigawatts of projects, it said Monday.