Adani signs 4.7GW solar deal with Indian state-run provider

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Infrastructure tycoon Gautam Adani’s green energy sector is giving 4.7GW of solar power to renewable energy companies in the Indian state as Prime Minister Narendra Modi’s government continues to work on renewables. I have signed a contract to sell.

The agreement is part of a larger contract signed more than a year ago when Adani Green Energy agreed to provide 8GW of solar power to India’s state-owned solar energy corporation. Sold to the state government. Renewable energy company Azure Power was previously announced to have won a smaller share of the bid.

Adani has promised to help the Modi government reach its net zero target by 2070, even though his company continues to develop investments in fossil fuels.Adan Power is one of India’s largest coal producers, and Adan Mining is controversial. Carmichael coal mine In Australia, we plan to start exporting in the coming months.

Vinay Rustagi, managing director of renewable energy consultancy Bridge to India, said the deal wasn’t very important to the government, but “two developers are allocating such a large number of projects in a highly competitive market. Was definitely good news. At a reasonable price. ”

Adani’s announcement will come a few days after Greenco Group, an Indian renewable energy company backed by Abu Dhabi and Singapore’s sovereign wealth funds, has issued the first $ 1 billion green bond since COP26. Bonds were 2.5 times more oversubscribed.

India’s “energy conversion […] It’s like the ocean, “Maheshcoli, president and co-managing director of the Greenco Group, told FT. “That’s not what one or two players can do.”

With a population of 1.4 billion, India faces the unique challenge of getting rid of the highly polluted coal it depends on, while increasing its power generation.

Modi Said At the COP26 Climate Summit, he hoped that half of India’s energy requirements would be met by renewables within the next decade.

Adani Green Energy has made a series of acquisitions this year. The largest of these was SoftBank’s $ 3.5 billion deal in India’s renewable energy business, which brought in 4,954 MW of renewable assets.

“No other company has made such a big bet on the development of sustainability infrastructure,” said Adani Group Chairman Gortam Adani. Claim In a speech in November.

The Institute’s director of energy finance research, Tim Buckley, predicts that solar prices are now well below coal-fired prices, with India adding record-breaking renewable energy capacities this year. We are making good progress toward. For energy economics and financial analysis.

The country’s energy shift has prompted big investment pledges by big names such as Adani and Reliance Industries Chairman Mukesh Ambani.

Ambani promised to invest $ 10 billion over three years and within 15 years to make the giant oil-to-chemical group a net zero carbon emitter.

However, analysts say these promises are the bare minimum needed to facilitate India’s energy transition, which is projected to cost $ 500 billion to $ 14 trillion by 2040. I am. International Energy Agency.

“If you look only at these estimates, India will need more climate funding,” Jain added. “People like Ambanis and Adanis need to stir their ambitions.”

Arnava Gauche, CEO of the Energy, Environment and Water Council based in New Delhi, said Indian greening industry needs to explain how pollution projects can be terminated. Stated.

“I want to hear from a large conglomerate that relies on these fossil fuels. [ . . . ], What is the path to Net Zero when working on Net Zero as a group? “

Adani signs 4.7GW solar deal with Indian state-run provider Source link Adani signs 4.7GW solar deal with Indian state-run provider

The post Adani signs 4.7GW solar deal with Indian state-run provider appeared first on California News Times.

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