World's Largest Solar Power Plant: India Goes Green
Anyone seeking proof that the world is transitioning from oil and gas to renewable energy can find it right now in India. In the middle of the salt desert in the Kachchh district, located near the Pakistani border, the world’s largest solar and wind power plant is currently under construction.
Generated Electricity Could Power All of Switzerland
Once completed, the Gujarat Hybrid Renewable Energy Park is expected to generate electricity at a maximum capacity of 30 gigawatts under ideal wind and sunlight conditions. This amount of electricity would be sufficient to power a small country like Switzerland. This represents an immense increase in capacity compared to existing solar parks, whose installed capacity worldwide currently reaches a maximum of 2 to 3 gigawatts. A comparable renewable energy facility is at most the Three Gorges Dam in China, the world’s largest hydroelectric power plant with 22.5 gigawatts of installed capacity.
Solar Area 7 Times the Size of Paris
Approximately 8,000 workers are engaged in the construction of the power plant, whose total costs amount to around $19 billion. The area completely covered with solar modules and wind turbines will span 726 square kilometers, equivalent to 7 times the area of Paris. In the city of Mundra, located approximately 150 kilometers from the construction site, one of the world’s largest manufacturing centers for solar and wind power is also planned.
Profit from the Raw Materials of India's Solar Boom
The production planned there will create enormous demand for solar commodities such as gallium, indium, germanium, tellurium, and silver. However, demand for magnetic rare earths such as terbium oxide, dysprosium oxide, and neodymium oxide could also increase significantly. All of these commodities offer private investors interesting opportunities to participate in India’s green transition.
$100 Billion Investment in Energy Transition Planned
In the future, India intends to invest even more substantially in green energy. Gautam Adani, the man behind the gigantic solar and wind energy project, reportedly plans to invest $100 billion in the energy transition. At the port of Kandla in the state of Gujarat, four companies are planning to build various production facilities for green hydrogen and ammonia. For this, they will require scarce precious metals such as platinum and iridium. The investments required for the project amount to $12 billion. Thus, precious metals could also be a way to profit from India’s energy transition.