RENEWABLE ENERGY

Indian firm to invest $6 billion in solar power as country targets lofty renewable energy goals

India’s Adani Green Energy Limited (AGEL) has won a major contract which will see the firm develop 8 gigawatts (GW) of solar power over the next few years, as authorities in the country look to ramp up capacity to meet ambitious renewable energy targets.

Announced on Tuesday, the $6 billion manufacturing-linked agreement between AGEL and the Solar Energy Corporation of India (SECI) will see AGEL set up 2 GW of what it described as “solar cell and module manufacturing capacity.”

Under the agreement AGEL, which is part of the larger Adani Group, will develop 2 GW of solar capacity by the year 2022, with the other 6 GW coming online in 2 GW chunks. These projects will include a large-scale “single-site generation project” of 2 GW.

In terms of the manufacturing facilities, Adani said that these would be set up by the year 2022. They will supplement a current production capacity of 1.3 GW and represent the latest example of India attempting to boost its domestic manufacturing capabilities.

Source
CNBC
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