CHENNAI: It took 8,500 men working two shifts every day for six months — and three shifts for two months — to finish, ahead of schedule, the Adani Group’s giant solar power plant in southern India.
The vast, 10 sq km project in Ramanathapuram, in the southern state of Tamil Nadu, is the world’s largest solar power station in a single location, according to the company.
It has the capacity to power 150,000 homes — and it is one sign of how serious India is becoming about meeting its renewable energy targets.
Considering the delays that commonly bog down infrastructure projects in India, the speed at which the 648 megawatt project was completed demonstrates the country’s commitment to renewables, said an analyst.
“The government is very clear about its solar plan, and large installations are key to this plan,” said Aruna Kumarankandath of the Center for Science and Environment in Delhi.
Prime Minister Narendra Modi has prioritized solar to meet the renewables target, she said.
As a signatory to the Paris Agreement on climate change, India is committed to ensuring that at least 40 percent of its electricity will be generated from non-fossil-fuel sources by 2030.
While coal still provides the lion’s share of India’s energy, officials forecast the country will meet its Paris Agreement renewable energy commitments three years early — and exceed them by nearly half.
A 10-year blueprint released last month predicts that 57 percent of total electricity capacity will come from non-fossil sources by 2027.
Solar energy is a particular focus. It makes up 16 percent of renewables capacity now, but will contribute 100 gigawatts of the renewable energy capacity target of 175 GW by 2022.
Of that 100 GW target, 60 percent will come from large solar installations. The government is planning 33 solar parks in 21 states, with a capacity of at least 500 megawatts each.
India’s ambitious targets come at a time when renewable energy is at a turning point in the country, as generating electricity from renewables costs nearly the same as from conventional sources.
The urgency also aims to fill a gap: India is among the world’s fastest growing economies, yet one-third of its households have no access to grid power.
The renewables goal will help ensure “uninterrupted supply of quality power to existing consumers and provide electricity access to all unconnected consumers by 2019,” according to the blueprint.
The Adani plant, built at a cost of 45.5 billion rupees ($661 million), reflects the government’s ambitions. It comprises 2.5 million solar panel modules, 576 inverters and 6,000 km of cables, the company said.
The government grants some subsidies for solar and has raised the investment target for solar energy in the country to $100 billion, with Japan’s Softbank and Taiwan’s Foxconn among others committing to the sector.
But there are hurdles, with land availability for solar parks a chief concern. Conflicts related to land have stalled industrial and development projects in India, putting billions of dollars of investment at risk, according to a recent report.
“Land is definitely a concern, and there’s also the issue of transmission,” said Kumarankandath.
“It is all very well to produce all this energy, but do we have transmission lines capable of taking it up? We’re also going to need large quantities of water to clean the panels.”
Some states are passing new land laws to make acquisitions easier, while the government is also exploring innovative places to install solar panels, including across the tops of irrigation canals.
Meanwhile, the Adani group, India’s biggest solar power producer and also its top coal-fired generator, may be unseated before long by China, which is building what it claims will be the biggest solar farm on earth: an 850 MW plant on 27 sq km of land.
India shows it is serious about solar with giant power plant
India shows it is serious about solar with giant power plant
Saudi investment hits 32% of GDP, non-oil fixed capital reaches 40%, minister says
RIYADH: Saudi Arabia’s investment now accounts for 32 percent of gross domestic product, with non-oil fixed capital at 40 percent, according to the minister responsible for portfolio.
Speaking during his visit to the Shoura Council, Khalid Al-Falih said that foreign direct investment is expected to grow fivefold, signaling strong Vision 2030 progress.
“Regarding cumulative performance, the Kingdom has exceeded all expectations, achieving high levels of investment,” Al-Falih said, according to a video posted on Al-Ekhbariya’s X account focused on economic matters.
The minister added: “Today, investment accounts for 32 percent of the total GDP. In terms of non-oil GDP, fixed capital represents 40 percent, compared with 41 percent in China, the highest globally.”
If we take the non-oil GDP, he said, fixed capital will make 40 percent. “China is the largest globally with 41 percent. So, we will rank second if we compare it to the non-oil economy and fourth when measured against total GDP,” Al-Falih said.
He emphasized that the Kingdom offers an investment-attractive environment, noting that when focusing on foreign direct investment rather than overall investment, Saudi Arabia ranks among the world’s highest.
The minister of investment added that FDI is expected to grow fivefold by the end of 2025, though these data require confirmation, stressing that this is “a big indicator for the success of Saudi Vision 2030.”
During his address to the session, Al-Falih emphasized that Saudi Vision 2030 prioritizes economic diversification and reducing dependence on oil, through boosting the private sector’s contribution to inclusive economic development, supporting national sectoral priorities, and driving growth in the Kingdom’s GDP.
He highlighted key initiatives enabling the private sector, including the establishment of the Ministry of Investment and the Saudi Investment Promotion Authority, the launch of the “Shareek” program, the development of the National Investment Strategy, and linking all stakeholders in the investment ecosystem.
“The Cabinet’s adoption of the National Investment Strategy, launched by Crown Prince in 2021 and implemented in 2022 as a comprehensive national framework, has played a major role in positioning investment as a driver of economic growth,” he said.
Al-Falih revealed that the ministry has identified more than 2,000 investment opportunities worth over SR1 trillion ($267 billion), noting that 346 of these opportunities have been converted into closed deals valued at over SR231 billion through the “Invest Saudi” platform.
He also highlighted the success of the regional headquarters attraction program, with licenses issued to more than 700 global companies by the end of 2025, surpassing the 2030 target of 500 companies, across diverse sectors that reinforce Saudi Arabia’s role as a regional business hub.
The minister revealed that active investment licenses have grown tenfold, rising from 6,000 in 2019 to 62,000 by the end of 2025, highlighting the role of companies in creating over one million jobs, including numerous positions for Saudi nationals.
Al-Falih noted the Kingdom’s success in attracting 20 of the world’s top 30 banks, as part of efforts to strengthen the presence of leading asset managers and international banks in support of the Saudi banking sector.
He also discussed reforms to enhance the business environment, such as the Civil Transactions Law, Companies Law, and the updated Investment Law issued in mid-2024, which contributed to Saudi Arabia moving up 15 places in the global competitiveness ranking.
The minister also announced the update of the National Investment Strategy in 2025, focusing on quality, productivity, and directing investments toward sectors with the highest economic impact, while developing financing solutions for SMEs.
