AGEL (Adani Green Energy) has agreed to provide 4,667 MW of the green energy to the state-owned Solar Energy Corporation of India (SECI). This is the globe’s largest recorded green power purchase (PPA) deal, as per a company statement.
“Under the Aatmanirbhar Bharat program, this is yet another milestone in our path to enabling India’s dual purpose of accelerating India’s renewable energy footprint while also promoting domestic manufacturing,” stated Gautam Adani, who is the Adani Group’s chairman.
Following the proceedings of COP 26, he said that it is becoming increasingly clear that the world needs to shift to a low-carbon economy more quickly than previously envisaged. “This is precisely why the Adani Group has pledged $50-$70 billion in renewable energy investment. This deal maintains us on track to achieving our goal of being the world’s largest renewable energy player by 2030 “Adani continued.
The AGEL-SECI deal to deliver 4,667 MW is portion of an 8,000 MW production-linked solar tender issued to AGEL by the SECI company in June 2020, which set a global record for the biggest solar development tender yet awarded. AGEL has already inked PPAs with SECI for over 6,000 MW of this 8,000 MW granted in 2020. In the following two to three months, Adani Green plans to complete the remaining of the 2000 MW PPA.
SECI is a CPSU under the administrative jurisdiction of the Ministry of New and Renewable Energy (MNRE) that was established on September 20, 2011, to aid in the implementation of the JNNSM and the attainment of the goals set forth therein. It is the sole CPSU devoted solely to solar energy. It was founded as a section-25 (not-for-profit) corporation under Companies Act of 1956. However, the firm was recently transformed into a Section-3 firm under the Companies Act, 2013 by a Government of India judgment. The company’s mandate has also been expanded to include all renewable energy sources.
SECI has a significant role to perform in the development of the RE industry, particularly solar energy, given the current outlook. The company is in charge of implementing several MNRE schemes, including the VGF schemes for the large-scale grid-connected initiatives under JNNSM, the solar park scheme, and the grid-linked solar rooftop scheme, as well as a variety of other specialized schemes such as defense, canal-top, and Indo-Pak border schemes. SECI has also delved into solar project creation on a turnkey basis for several PSUs. The firm also possesses a power-trading permit and is involved in this field by trading solar power generated by projects established under its programmes.