Billionaire Gautam Adani’s renewable energy firm Adani Green Energy on Tuesday said it has won the world’s largest solar order to build 8 gigawatts of photovoltaic (PV) power plant along with a domestic solar panel manufacturing unit at an investment of Rs 45,000 crore.

Adani Green Energy Limited announced that it has won a manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As a part of the agreement, AGEL will develop 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity.

According to the Company’s press release, the deal will entail a single investment of Rs. 45,000 crores and will create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime.

As part of the deal, AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world’s largest renewable company by 2025. This award will take the Company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of Rs. 112,000 crores ($15 billion) in the renewable energy space over the next 5 years.

“This is the single biggest investment announced since the launch of the Honorable Prime Minister of India, Shri Narendra Modi’s Atma Nirbhar Bharat Abhiyan (Self Reliant India Program). It is also another significant step in India continuing to lead the world in battling climate change and furthering the commitment the Hon’ble Prime Minister of India made to the world at the COP 21 summit in Paris in 2015,” the company said.

Commenting on the deal, Gautam Adani, Chairman of the Adani Group said, “We are honoured to be selected by SECI for this landmark solar award. In today’s world, climate adaptation cannot be considered independent of economic development priorities and both, job creation as well as decarbonization must be simultaneous objectives. India made a commitment at the 2015 United Nations Climate Change Conference in Paris that it would lead the Climate Change revolution and today is the leader among the just eight nations on track to meet their COP21 commitments. “

“The fact that renewable power will transition into becoming the world’s cleanest and most economical fuel is a foregone conclusion and the Adani Group intends to play a leading role in this journey. This award is yet another step in our nation’s climate change promise to the world as well as enabling our nation’s Atma Nirbhar Bharat Abhiyan (Self Reliant India Program). It is another step towards fulfilling our Group’s Nation Building vision,” he added.

As per the agreement, the 8 GW of solar development projects will be implemented over the next five years. The first 2 GW of generation capacity will come online by 2022 and the subsequent 6 GW capacity will be added in 2 GW annual increments through 2025. The projects will include a variety of locations, including a 2 GW single-site generation project that is tied for the rank of the largest single-site project announced globally. The solar cell and module manufacturing capacity of 2 GW will be established by 2022.

Adani Solar (Mundra Solar PV Ltd) is the solar PV manufacturing arm of the Adani Group. Adani Solar vertically integrates its business which offers services across the spectrum of photovoltaic manufacturing as well as project engineering, procurement and construction.