Adani to set up 10,000 MW solar park in Rajasthan
16 Jun 2015
Infrastructure conglomerate Adani Group has signed a joint venture agreement with the Rajasthan government for setting up a massive solar power park with a target to generate 10,000 mega Watt electricity by 2022.
The proposed park, which will house generation projects and a massive manufacturing facility for solar modules, parts and equipment, is expected to attract investments of over Rs60,000 crore.
Adani itself plans to generate 5,000 MW in the proposed solar park, which will be the largest such integrated facility in India when completed.
"This project will be India's largest solar park and will also house manufacturing facilities to be set up under the country's ambitious 'Make in India' initiative. We have embarked upon a mission of becoming a world leader in renewable power generation technologies, with a special focus on solar. The development of Solar Park facility is our contribution towards realisation of our Prime Minister's campaign and commitment towards clean and green energy in India," said Gautam Adani, chairman of Adani Group.
The joint venture, which will be known as Adani Renewable Energy Park Rajasthan Ltd, will have a 50-50 equity partnership between the state government and Adani Renewable Energy Park Ltd, a subsidiary of Adani Enterprises Ltd.
The proposed park will create huge opportunities for generation of both direct and indirect employment.
The central government has targeted 100,000 MW of solar capacity by 2022. It has also issued guidelines for setting at least 25 solar parks each with a capacity of 500 MW and above across the country.
Adani Power is currently the largest thermal power generating company in the private sector in India with an installed base of 10,480 MW. Apart from coal based power generation, Adani group also operates a 40 MW Solar PV Plant at Kutch, Gujarat.
The group is also in the process of setting up a 700-MW solar power plant in Ramanathapuram, in Tamil Nadu, according to company sources and the Tamil Nadu government.
Land acquisition for the project is nearing completion and work on plant is expected to begin in July.
Top officials of the Adani Group will visit the city next week to sign an agreement with the Tamil Nadu government for setting up the plant.
The tariff had been fixed at Rs.7.01 per unit for a period of 25 years, the sources said.
The project is in line with the company's target of achieving 10,000 MW of solar power capacity by 2022, a statement from the company said.