The Adani Group has announced an ambitious investment plan totaling approximately Rs 2.3 trillion by 2030, marking India’s most significant renewable energy expansion initiative to date. Despite facing challenges, including a short-seller attack, the conglomerate remains steadfast in its pursuit of rapid growth.
Adani Green Energy Ltd, the largest renewable energy company in India, will spearhead the investment by committing around Rs 1.5 trillion to expand its solar and wind energy generation capacity. The company aims to increase its capacity from the current 2 GW to a staggering 30 GW, primarily at its site in Khavda, Gujarat’s Kutch region. An additional investment of Rs 50,000 crore will be allocated to develop 6-7 GW of similar projects across the country.
Adani New Industries Ltd (ANIL), a subsidiary of Adani Enterprises Ltd, will invest close to Rs 30,000 crore to bolster solar cell and wind turbine manufacturing capacity at Mundra, Gujarat. These investments align with Adani Group’s commitment to supporting India’s renewable energy targets and achieving net-zero emissions by 2070.
AGEL’s Managing Director, Vneet S Jaain, outlined the company’s aggressive expansion plans, aiming to add 4 GW of capacity annually after the initial 2 GW commissioning at Khavda. ANIL, on the other hand, plans to enhance its cell and module manufacturing facility to 10 GW by 2026-27.
The Khavda project, spanning 538 square kilometers, is poised to become the world’s largest renewable energy project, generating a peak output of 81 billion units. This initiative underscores Adani Group’s commitment to sustainable growth and clean energy production.
Despite facing criticism and challenges, including allegations of share price manipulation and accounting fraud, the Adani Group remains resilient, with Chairman Gautam Adani affirming the group’s robust financial position. With strategic investments and ambitious expansion plans, the conglomerate is poised to play a pivotal role in India’s renewable energy landscape, contributing significantly to the nation’s sustainability goals.