Adani Green Energy Limited (AGEL) has won the first manufacturing linked agreement from the Solar Energy Corporation of India (SECI), under which the company will develop 8 GW solar capacity and will commit to establish 2 GW of additional solar cell and module manufacturing capacity, requiring a total investment of INR450bn (US$6bn). With this agreement, AGEL will have 15 GW of projects under operation, construction or contract. AGEL plan to invest INR1,120bn (US$15bn) over the 2020-2025 period to achieve an installed capacity of 25 GW by 2025.
In February 2020, Total and AGEL agreed to create a 50-50 joint venture, which will take over AGEL’ solar projects in operation, corresponding to a total capacity of over 2 GW across 11 Indian states; all the solar projects benefit from 25-year power purchase agreements (PPAs) with national and regional electricity distributors. Subject to regulatory approval, the transaction is valued US$500m.
