Adani Enterprises, Rajasthan sign deal for 10,000 MW solar project

Ahmedabad: Adani Enterprises Ltd and Rajasthan Renewable Energy Corp. Ltd, the renewable energy arm of the Rajasthan government, will form a joint venture to set up India’s largest solar park with a capacity to generate 10,000 MW of electricity, Adani Enterprises said in a statement on Monday.

“The cost of the entire project is estimated to be the range of ₹ 80,000-90,000 crore going by the current valuations if you include the land and other infrastructure cost required for the project including a solar panel manufacturing unit,” a person aware of the development said on condition of anonymity.

Adani Enterprises is part of the Adani Group that has revenue of over $9.4 billion (around ₹ 58,000 crore).

The agreement would also include a factory to make solar module parts and equipment, it said. The stake-sharing in the project was not disclosed.

The solar park is expected to generate clean energy of about 16,644 million units and reduce carbon footprint by approximately 16.2 million tonnes, Adani Enterprises said.

“India has embarked upon an ambitious program of becoming a world leader in renewable power generation, with a special focus on solar. The development of Solar Park facility is our contribution towards realization of our Prime Minister’s campaign and commitment towards clean and green energy in India.” said Gautam Adani, chairman, Adani Group.

The Indian government has announced plans to set up 100,000 MW of solar capacity by 2022. It has also issued guidelines for setting up at least 25 solar parks each with a capacity of 500 MW and above across India.

Last month, Adani Enterprises signed an agreement with US-based SunEdison Inc. to jointly invest $4 billion in setting up India’s largest integrated solar photovoltaic making plant in Mundra, Gujarat.

Adani group also runs a solar power plant at Bitta in Gujarat with an installed capacity of 40 MW.

Adani Enterprises last month outlined plans for a major business reorganization aimed at unravelling its corporate structure and unlocking shareholder value.

The group intends to move away from the holding company structure and move towards one in which it will have four independent, listed entities for its four major business segments.

After the restructuring, Adani Enterprises will be overseeing businesses including renewable energy, mining, city gas distribution, edible oils, agro commodity trading and logistics.