Adani Green today opened 4% higher at Rs.309.95 and shot up to hit the 5% UC of the day at Rs.312.75, a new high.
The company announced today morning that it has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI).
As a part of the award, AGEL will build 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity.
This award, the largest of its type, ever, in the world, will entail a single investment of US $6 billion and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime.
Based on the award agreement the 8 GW of solar development projects will be implemented over the next five years.
The first 2 GW of generation capacity will come online by 2022 and the subsequent 6 GW capacity will be added in 2 GW annual increments through 2025.
The projects will include a variety of locations, including a 2 GW single-site generation project that is tied for the rank of the largest single-site project announced globally.
The solar cell and module manufacturing capacity of 2 GW will be established by 2022.