Construction Industry News
Adani Green Energy, India's largest renewable energy generation company, has announced the completion of its latest solar hybrid wind project.
In a press release, Adani Green Energy announced the successful commissioning of a 700 megawatt solar-wind hybrid project in the northern state of Rajasthan. According to the company, it is the world's largest hybrid energy project.
The project is located in the Rajasthan district of Jaisalmer. In the district, Adani has three other hybrid solar wind projects with a total capacity of 1,440 megawatts. The latest project brings the company's solar hybrid project portfolio to a whopping 2,140 megawatts, accounting for nearly 27% of its operating capacity.
Through a competing auction, Adani won this project and signed a 25-year power purchase agreement at a rate of Rs 3.25 per kilowatt hour. Bifacial solar panels with single-axis trackers are used in the project. The project will produce electricity with an occupancy rate of at least 50%, making it India's most effective solar or wind power facility, according to the company.
Adani's financial problems are well known. Shares of Adani Green Energy are down more than 83% from their peak of Rs 3,000 in May 2022. Unconfirmed rumors claim that the company could reduce capacity expansion and focus on debt servicing to address the growing concerns of lenders and investors.
Adani remains one of India's largest and most successful renewable energy developers, despite its financial difficulties. It has a significant 20.4 gigawatt pipeline with offsets across the country.
