Adani’s shares advanced 10% recently after the firm announced that it had been ranked as the largest solar power generation company in the world by Mercom Capital.
According to ranking renewable energy consultancy, Mercom Capital Group, the Indian company Adani Green Energy Ltd (AGEL) is currently the top global solar developer. AGEL has 2.3 GW of operational projects, 2 GW under construction, and 8 GW of awarded projects (with contracted PPAs) for a total capacity of 12.3 GW.
The company went public in 2018 and had established its first solar project in 2015. It had completed just two solar projects until 2017. In June, AGEL bagged a manufacturing-linked solar contract from the Solar Energy Corporation of India (SECI) to develop 8 GW of projects. The transaction is valued at $6 billion.
Adani’s renewable energy portfolio exceeds the total capacity installed by the entire US solar industry in 2019. It will displace over 1.4 billion tonnes of carbon dioxide over the life of its assets, the company said in a statement.
It said – the group is one of the most fully integrated solar players in the world, with manufacturing solar cells and modules, construction, undertaking project development, financial structuring and owning, and operating its assets.
Adani Group Chairman Gautam Adani stated that achieving the ranking was a direct result of their commitment to creating the infrastructure needed for a clean-powered future. He added while they were pleased to be ranked the largest solar player in the world, they recognized that there was a lot more that remains to be done in an increasingly decarbonized energy landscape.
Adani targets to achieve an installed generation capacity of 25 GW by 2025. The Adani Group is an integrated industrial conglomerate operating globally with six publicly traded companies with total revenues of USD 15 billion and a market capitalization of USD 30 billion.