Adani Green Meets Manufacturing Commitment, SECI Certifies Plant

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Adani Green Energy Ltd has informed the stock exchanges that its associate company, Mundra Solar Energy Ltd., has received approval for its solar photovoltaic plant from the Solar Energy Corp. of India.

The renewables arm of the Adani Group received the commercial operational date certificate from SECI for solar PV cells and solar PV modules manufacturing plant at Mundra, Gujarat. The plant is part of the manufacturing linked tender for solar power that the firm won in 2020, along with Azure Power as the second bidder.

The tender, even after being awarded, had seen slow progress, thanks to the delay in signing of PPAs between SECI and relevant state discoms, who seemed to baulk at the price of power.

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Adani Green (8 GW) and Azure (4 GW) are supposed to set up 12 GW of solar projects , besides the manufacturing commitment of 2 GW for Adani Green and 1 GW for Azure. The numbers are after both firms exercised the greenshoe option of an additional 2 GW and 1 GW each in the tender for project capacity. That took manufacturing commitments to 2 GW (from 1.5 GW) and 1 GW (from 500 MW) each.

CERC has adopted the tariffs for these projects only in 2022, post which PPAs were signed.

While Azure has yet to announce the status of its manufacturing commitment that it was executing in association with a third firm, Adani Green, thanks to the group’s existing experience solar manufacturing facilities, has found it easier to execute, achieving a critical milestone now. Of course, with the PLI (Production linked incentive) scheme following in 2022, we are unlikely to see any more such manufacturing linked project tenders in the future.

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The tender was awarded at a time Indian had barely 10 GW of manufacturing capacity, a number that has already crossed 20 GW today, and set to hit 50 GW in the next couple of years. The Adani Group itself is well on course for an integrated solar manufacturing facility at Mundra, covering the full solar supply chain, that should be fully up and running by 2026.