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Adani Enterprises to launch 1,000MW Solar Project in Australia

Gautam
Adani-led
Adani
Enterprises proposed to develop
1,000 MW of solar power capacity
in Australia over the next five years.
The news has been confirmed by
the company in a stock exchange
statement on Friday.
The announcement came on a day
the apex court in Australias
Queensland state rejected appeals
by some environmental groups
against granting of mining lease and
environmental clearance to Adani Enterprises $7 billion coal mine project. The
project has meet with delays in execution because of lawsuits by environmental
groups.
Appreciating the courts decision, a company spokesperson said the ruling would
pave the way towards commencing the work in 2017 on the Carmichael mine and
related projects, which include a railway line and expansion of port activities at
Abbott Point.
The company also said in its stock exchange filing on Friday that it had reached an
agreement with The Whyalla City Council in South Australia to build a $200 million
solar generation project in the northern part of Whyalla.
The project would include a 100MW solar generation plant, with potential capacity of
up to 150MW, which would make it one of the biggest in Australia on one site, it said.
The solar projects are in addition to Adanis $16.5 billion investment in the planned
Carmichael coal mine in Queenslands Galilee Basin as well as rail and port facilities.
Construction of the Whyalla solar project is set to start mid-2017 and be completed in
around 12 months. The workforce will crest at 350 employees, with full-time
operational staff to number up to five. A land purchase agreement has been endorsed
with the council for the site, which is in an industrial land estate.

Adani currently has a total of more than 1,400MW solar generation projects in India,
planned or operational, including one of the worlds largest solar plants in Tamil
Nadu which has a capacity of 650MW.
Jeyakumar Janakaraj, the CEO of the companys Australian operations said that
Australia presented huge solar opportunities. Australia has enormous such
opportunities because it had the highest solar radiation per square meter of any
continent in the world.
Janakaraj also said that together with the companys $3.3 billion dollars of
investment to date across its mine, rail and port projects in Queensland, Adanis
devices to pursue solar investment opportunities mirror the confidence the company
has in the Australian market.
Owing to the plans of Adani Enterprises, Adani Enterprises share price closed 3%
higher in yesterdays trade against 1.87% rise in the Benchmark Index Nifty. Adani
Enterprises is the top 500 performing stock for the quarter as identified by Dynamic
Levels for the quarter.
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Article Written by
Tanaya Nath