Money News

Adani Enterprises says commissions 648-MW solar power plant

MUMBAI (Reuters) - Adani Enterprises Ltd said it had commissioned a 648 megawatts solar power plant in the southern state of Tamil Nadu, a step closer to its goal of achieving solar power generation capacity of 3,500 MW by March next year.

The company, controlled by billionaire Gautam Adani, said in a statement on Wednesday that the plant, which was set up at an investment of 45.50 billion rupees (about $679 million), was the world’s largest solar power project at a single location.

Reuters could not independently verify the company’s claim.

Adani Group, with interests in coal mining, oil and gas, and logistics, has bet big on solar power, capitalising on Prime Minister Narendra Modi’s push towards renewable energy.

Modi is aiming for India to set up 100 gigawatts (GW) of solar power generation capacity by end-2022.

Adani is also setting up a solar panel manufacturing plant in Gujarat. The first phase of the plant is expected to be operational by March 2017.

($1 = 67.0125 Indian rupees)

Reporting by Promit Mukherjee; Editing by Biju Dwarakanath