Adani Commissions 200 MW of Solar Projects in Rajasthan

Adani Renewable Energy, a subsidiary of Adani Green Energy Limited (AGEL) has commissioned the remaining 100 MW of solar power projects in Rajasthan. The first 100 MW capacity of the same project was commissioned on August 2, 2019.

A total of 200 MW solar power projects developed in Rajasthan have the power purchase agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The tariff has been set at ₹2.71 (~$0.04) /kWh for 25 years.

In May 2018, Mercom had reported that the lowest (L1) tariff of ₹2.71 (~$0.0401)/kWh was quoted in the auction held by MSEDCL for the development of 1 GW of grid-connected solar projects in the state. This was the lowest solar tariff for a grid-connected solar PV project in Maharashtra. JLTM Energy India Private Limited was the L1 bidder who quoted a tariff of ₹2.71 (~$0.0401)/kWh to develop 20 MW. In the MSEDCL auction, Mahoba Solar (Adani) also matched the L1 tariff to develop 200 MW; an MSEDCL official had told Mercom.

MSEDCL’s 1 GW grid-connected solar PV tender was oversubscribed by 450 MW. MSEDCL had retendered the projects to meet its Renewable Purchase Obligation (RPO) in April 2018. It had initially tendered the projects in December 2017.

In the first quarter (Q1) of the financial year (FY) 2020, ending June 30, 2019, Adani Green’s total revenue stood at ₹6.61 billion (~$92.1 million), an increase of 40% year on year. The company announced a revenue of ₹5.54 billion (~$77.26 million) from power generation for Q1 of FY 2020, an increase of 17% year on year.

In June 2019, the company had announced it would raise $500 million through green bonds. The proceeds were to be utilized to repay its respective external commercial borrowing loans, and the balance of the net proceeds for capital expenditure, other project-related liabilities or on-lending to other subsidiaries of the company.

Image credit: ChristofferRiemer [CC BY 3.0]