Adani's clean power division will put $22 billion into the 2030 initiative

5 Dec 2023 , 11:31 AM

Counting on the nation’s constantly rising electricity consumption, Adani Green Energy Ltd., India’s largest generator of renewable power, plans to invest an extra $22 billion to expand capacity by more than five times by 2030.

Prioritising the Indian market over overseas expansion is in the company’s ‘national interest and economic interest,’ as Chief Executive Officer Amit Singh stated to Bloomberg Television on Monday during the UN COP28 climate summit in Dubai.

According to the CEO, India’s 7% yearly growth in electricity demand is outpacing growth in other economies. In order to avert blackouts, the government mandated the development of thermal and renewable capacity due to the steep climb.

In the last two years, the installed capacity of billionaire Gautam Adani’s clean energy firm has more than doubled, and profits have increased along with the expansion. That assisted in regaining investors’ trust after the tycoon’s larger firm was accused in January by a U.S. short seller of manipulating stock prices and committing accounting fraud—charges that the group has angrily denied.

India wants to achieve 500 gigawatts of clean capacity by 2030 in order to lessen its dependency on coal, which presently provides about 70% of the country’s electricity. The nation’s corporate magnates, such as Adani, Mukesh Ambani, and other state-run energy companies, are pushing for this objective.

The country’s inability to reach its 2070 carbon neutrality target is hampered by its reliance on fossil fuels.

In order to reach 45 gigawatt by the end of this decade, Adani Green intends to invest $4.5 billion and add 8 gigawatt of installed capacity over the course of the next two years, ending in March 2025.

According to Singh, even keeping up the current installation pace won’t be sufficient to reach that goal. ‘We must step it up and accelerate the installation process,’ he declared.

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