June 9, 2020 / 8:29 AM / a month ago

Adani Green to build 8 GW solar projects in India at cost of $6 billion

CHENNAI (Reuters) - India’s Adani Green Energy Ltd (ADNA.NS) said on Tuesday it won a government contract to build solar plants in the country which will have a total capacity of 8 gigawatts (GW) and entail an investment of $6 billion over the next five years.

The renewable energy developer said the first 2 GW of generation capacity will come online by 2022 and the rest will be added in annual 2 GW increments through 2025 in various parts of the country.

Shares of the company rose 5% to a record high of 312.60 rupees ($4.14) on Tuesday.

“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,” Adani Green, part of billionaire Gautam Adani-controlled Adani Group, said in a statement.

It did not give financing details of the projects, but a spokesman for the group said funding will be through a mix of debt and equity.

The Adani Group will also establish a solar cell and module manufacturing capacity of 2 GW by 2022 as a part of the contract won from state-run Solar Energy Corp of India (SECI), it said.

Reporting by Sudarshan Varadhan; Editing by Muralikumar Anantharaman

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