News Brief
Adani Group To Invest Rs 2.3 Lakh Crore By 2030 In Renewable Energy, Here's The Expansion Plan
Gautam Adani, chairman, Adani Group.
Adani Group is set to make a monumental investment of around Rs 2.3 lakh crore by 2030, marking India's most ambitious expansion in renewable energy and solar and wind manufacturing capacity.
Despite facing criticism from short-sellers, the conglomerate remains committed to its rapid growth agenda as per a report by The Economic Times.
Adani Green Energy Ltd, the country's largest renewable energy company, will spearhead this investment, committing about Rs 1.5 lakh crore to expand its capacity for generating electricity from solar energy and wind power in Khavda, Gujarat's Kutch district, from 2 GW to 30 GW.
Additionally, it will invest another Rs 50,000 crore in 6-7 GW of similar projects across India.
Adani New Industries Ltd (ANIL), a unit of Adani Enterprises Ltd, will invest close to Rs 30,000 crore to expand its solar cell and wind turbine manufacturing capacity in Mundra, Gujarat. AGEL aims to achieve a renewable energy capacity of 45 GW by 2030, with 30 GW planned for Khavda alone, making it the world's largest renewable energy project.
Vneet S Jaain, Managing Director of AGEL, stated that they have recently commissioned 2 GW of capacity at Khavda and plan to add 4 GW in the current fiscal year, followed by 5 GW annually thereafter.
To support these plans and meet the demands of the domestic renewable energy market and export market, ANIL plans to expand its cell and module manufacturing facility in Mundra to 10 GW by 2026-27 from the current 4 GW.
Jaain also mentioned that ANIL is doubling its capacity to manufacture windmills, aiming to reach 5 GW in three-and-a-half years. Adani Group, known for its diverse portfolio spanning seaports, electricity generation and transmission, natural gas distribution, mining, copper production, airports, data centres, and commodities, has earmarked a capital expenditure outlay of Rs 1.2 lakh crore for the fiscal year 2024-25.
The group's renewable energy plans are the most ambitious among corporate entities in India, aligning with the country's target to generate 500 GW of electricity from non-fossil sources by 2030 and achieve net-zero emissions by 2070.
The Khavda project spread over 538 square kilometres, is expected to generate 81 billion units of electricity at peak capacity, enough to power entire nations such as Belgium, Chile, and Switzerland. AGEL's other project sites are located in Rajasthan and Tamil Nadu.
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