New Delhi: Adani Group, Monday entered into an agreement with Rajasthan Government to set up a joint venture solar power park of 10,000 MW, which is expected attract an investment of Rs 60,000 crore.
The proposed park will include generation projects and a large manufacturing unit for solar module, parts and equipments. The company has also set a target of 10,000 MW of solar power capacity by 2022.
"Adani Group has set a target of 10,000 mega watts (MW) of solar power by 2022 and has signed a joint venture agreement with the government of Rajasthan to set up a 10,000 MW solar park, which will emerge as the largest such integrated facility in India," the company said in a statement.
The statement added, the JV will be known as Adani Renewable Energy Park Rajasthan Ltd. It will have a 50-50 equity partnership between the Rajasthan government and Adani Renewable Energy Park Ltd, a subsidiary of Adani Enterprises.
The company said that Adani itself plans to generate 5,000 MW in this solar park.
"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," Adani Group Chairman Gautam Adani said in the statement.
He further said, "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."
Rajasthan Government is keen to enhance the solar power generation capacity in the state and has committed to achieve 25,000 MW capacity by 2022. The formation of JV with Adani Group is a step towards achieving it.
The company said that Rajasthan Government shall provide land for solar park and also facilitate power evacuation infrastructure.
The proposed park is expected to attract investments of over Rs 60,000 crore, it added.
Central Government has set a target of achieving 100,000 MW of solar power capacity by 2022.
The guidelines have also been issued for setting at least 25 solar parks with a capacity of 500 MW and above in each park, across the country.
Adani Power is private thermal power generating company with an installed base of 10,480 MW. Apart from coal based power generation, Adani group also operates a 40 MW Solar PV Plant in Kutch, Gujarat.