The latest ranking of global solar compes by Mercom Capital ranks the Ad Group as number one global solar power generation asset owner in terms of operating solar projects.
Ad said its renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tonnes of carbon dioxide over the life of its assets.
The group is one of the most fully integrated solar players in the world, manufacturing solar cells and modules, undertaking project development, construction, financial structuring and owning and operating its assets through its internal asset management platform.
According to the ranking, Ad is roughly 70 per cent larger than the next largest global solar power generation company.
Ad Green Energy Ltd (AGEL) established its first solar project in 2015. It 2017, the company completed two solar projects. It went public in 2018 and has accelerated its presence to reach the current milestone of being the largest solar player in the world in a short span of just five years with a stated target of reaching 25 gigawatts of renewable power by 2025.
"Achieving this ranking is a direct result of our commitment to creating the infrastructure needed for a clean-powered future," said Chairman Gautam Ad.
"While we are pleased to be ranked the largest solar player in the world, we recognise that there is a lot more that remains for us to do as the world transitions into an increasingly decarbonised energy landscape," he said in a statement.
Ad anticipates that over the next decade several existing business models will be impacted as a result of the disruption caused by the intersection of the plummeting cost of renewable energy and the ability of technology to rescale industries.
"We expect our renewable energy platform will create new possibilities for our core business and we will be able to address some of the most intractable problems that humankind has faced, including affordable decentralised energy, availability of distributed clean water, green hydrogen as an alternate fuel, and micro agriculture, among others," he said.
Building partnerships with major industrials, data centre providers and global integrated energy players that seek to reduce their carbon footprints will also continue to further accelerate the growth. "AGEL was launched just five years ago, our story is only beginning."
AGEL also achieved a top spot in the global ranking in terms of under construction and awarded capacity with 10.1 GW of projects, making it the definitive leader in mega-scale renewable energy project deployments.
( With inputs from ANI )
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