Adani ranks #1 as largest solar power generation owner
Its 12.32 GWac global portfolio exceeded the total capacity installed by the entire US solar industry in 2019.
India’s Adani Group has been hailed as the top global solar power generation asset owner in terms of operating solar projects, according to the latest ranking of global solar companies by Mercom Capital.
Adani’s renewable energy portfolio has exceeded the total capacity installed by the entire US solar industry in 2019 and will displace over 1.4billion 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. According to the ranking, Adani is roughly 70% larger than the next-largest global solar power generation company.
Adani Green Energy Limited (AGEL) established its first solar project in 2015 and had completed just two solar projects in 2017. The company went public 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 five years, and has a stated target of reaching 25 GWac of renewable power by 2025.
In March, AGEL partnered with TOTAL Solar Singapore to set up a joint venture in Singapore which will house about 2.1GW of operating solar power projects. Singapore is now Adani’s strategic base for activities in infrastructure, energy and logistics projects in the ASEAN region which is expected to see a 23% increase in the renewable energy capacity by 2025.
Adani Group chairman Gautam Adani expects its renewable energy platform will create new possibilities for its core business and will help address some of the most intractable problems, including affordable decentralized energy, availability of distributed clean water, green hydrogen as an alternate fuel, and micro agriculture, amongst 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,” he added.
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.