The Adani group will be investing $20 billion over the next 10 years across renewable energy generation, component manufacturing, transmission & distribution
Adani Green Energy Ltd (AGEL) on Tuesday signed an agreement with Solar Energy Corporation of India (SECI) to supply 4.6gw of green power.
AGEL said this was the world’s largest green power purchase agreement (PPA) and it comes amid a high stakes battle running into billions of dollars between the Adani group and Mukesh Ambani-led Reliance Industries Ltd. Both the conglomerates have announced massive plans in renewable energy.
The Adani group will invest $20 billion (more than Rs 1.47 lakh crore) over the next 10 years across renewable energy generation, component manufacturing, transmission and distribution.
Mukesh Ambani in June announced that RIL will invest Rs 75,000 crore in renewable energy over the next three years, a number which is only likely to go up in the future as the country’s richest industrialist firms up his plans in new energy.
Though the Adanis have the early mover advantage, observers say Ambani may catch up given the Reliance group’s strong project execution skills. The AGEL-SECI agreement to supply 4.6gw is part of a manufacturing-linked solar tender of 8gw awarded to the Adani group firm by SECI in June 2020.
A press statement from AGEL said so far it has signed power purchase agreement (PPAs) with SECI for a total generation capacity of close to 6gw. AGEL expects to close the agreement for the balance 2gw in the next two to three months.
Shares of AGEL closed higher 3.60 per cent or Rs 49.90 on the news at Rs 1,436.10 on the BSE. At close, the company had a market cap of Rs 2.24,608.09 crore.
Last week, Ventura Securities initiated coverage on the company with a buy call and a two-year target price of Rs 2810. It said that with India’s stated intent of procuring 450gw from renewable energy by 2030, Adani Green Energy is well placed to benefit from this mega-trend.
GAIL hydrogen plans
State-owned GAIL India Ltd plans to import India’s first and the largest to date electrolyser to produce green hydrogen within a year and may look to hire another ship to ferry LNG from the US, officials said Tuesday.
GAIL chairman and managing director Manoj Jain said his company had launched a global tender to procure a 10-megawatt electrolyser capable of producing 4.5 tonnes per day of hydrogen.
https://www.telegraphindia.com/amp/business/adani-green-energy-agreement-with-solar-energy-corporation-of-india/cid/1843326
