EDITOR’S SYNOPSIS
- Mercom Capital ranks the Adani Group as the #1 global solar power generation asset owner
- Adani’s solar portfolio is 12.32 GWac which exceeds the total installed capacity of the U.S. in 2019
- Solar energy generation with this capacity will displace 1.4 billion tons of carbon dioxide
- AGEL established its first solar project in just 2015 and now has combined wind & solar portfolio of 14.62 GWac.
- In terms of under construction and awarded capacity, Mercom Capital further gives top position to Adani Green with 10.1 GW of projects
Ahmedabad, 01st Sept 20: The latest ranking of global solar companies by Mercom Capital ranks the Adani Group as the #1 global solar power generation asset owner in terms of operating, under construction and awarded solar projects. Adani’s renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets.
The group is one of the most fully integrated solar players in the world, manufacturing solar cells and modules, undertaking project development, construction, financial structuring and owning and operating its assets through its robust internal asset management platform.
The growth story of AGEL mirrors the global growth story of Renewable Energy following the audacious promise made by the Hon’ble Prime Minister of India Mr. Narendra Modi at the COP 21 International Solar Alliance meeting held in Paris in December 2015. His vision foresaw India accelerating towards a rapid transition to Renewable Power. This is now manifested by the fact that India is one of just six nations, and by far the largest that is on track to meet the COP21 goals.
Adani Green Energy Limited (AGEL) established its first solar project in 2015 and even as recently as 2017 the Company had completed just two solar projects. The Company went public (NSE: ADANIGREEN) in 2018 and has accelerated its presence to reach the current milestone of being the largest solar player in the world in a short span of just 5 years, with a target to achieve an installed generation capacity of 25 GWac of renewable power by 2025.
In response to this ranking, Mr. Gautam Adani, Chairman of the Adani Group said: “Achieving this ranking is a direct result of our commitment to creating the infrastructure needed for a clean-powered future. While we are pleased to be ranked the largest solar player in the world, we recognize that there is a lot more that remains for us to do as the world transitions into an increasingly decarbonized energy landscape. We anticipate that over the next decade several existing business models will be impacted as a result of the disruption caused by the intersection of plummeting cost of renewable energy and the ability of technology to rescale industries.
We expect our renewable energy platform will create new possibilities for our core business and we will be able to address some of the most intractable problems that humankind has faced, including affordable decentralized energy, availability of distributed clean water, green hydrogen as an alternate fuel, and micro agriculture, among others. Building partnerships with major industrials, data center providers, and global integrated energy players that seek to reduce their carbon footprints will also continue to further accelerate our growth. AGEL was launched just five years ago, our story is only beginning”.
AGEL also achieved a top spot in the global ranking in terms of under construction and awarded capacity with 10.1 GW of projects, making it the definitive leader in mega-scale renewable energy project deployments. As India pushes to invite more global business partners to invest domestically, it sees its growing renewable footprint as helping companies simultaneously fulfill two essential goals: tapping into one of the fastest growing consumer markets and achieving their sustainability targets. The Adani Group has positioned itself at this intersection to help its partners attain both these objectives.