Adani Invests $2.3 Lac In Renewable Energy And Manufacturing

(CTN News) – The Adani Group plans to invest about $2.3 billion through 2030 in the country’s renewable energy expansion and the development of solar and wind power capacity. This investment comes despite a short-seller attack as the company continues its rapid expansion strategy.

According to a top company official, the company plans to invest about $1 lakh crore to upgrade Khavda in Gujarat’s Kutch to 30 gigawatts from 2 GW currently, and another $50,000 crore for 6-7 GW projects elsewhere in the country.

Adani Enterprises Ltd., the group’s flagship company, will invest approximately 30,000 crores in expanding its solar cell and wind turbine manufacturing capacity at Mundra in Gujarat.

In 2030, AGEL plans to build 45 GW of renewable energy capacity on top of its existing operating portfolio of 10,934 megawatts (10.93 GW) over the next 10 years. The project will be supported by Khavda’s contribution of 30 GW.

Having recently commissioned 2,000 MW (2 GW) of capacity at Khavda, AGEL intends to add 4 GW in the current fiscal year (ending March 2025) and 5 GW each year thereafter, according to Vneet S Jaain, Managing Director.

“ANIL plans to expand its manufacturing facility at Mundra to 10 GW by 2026-27 to support these plans as well as meet the requirements of other domestic renewable players and export markets,” Jaain, who is also a director of ANIL, said.

Cells made of crystallized silicon convert sunlight into electrical current and are then mounted on modules before being placed in areas with high radiation levels, such as Khavda. In this manner, electricity is generated and connected to a transmission grid for onward conveyance to consumers.

ANIL is also increasing its capacity to produce windmills that generate electricity from wind to 5 GW within three and a half years.

In the fiscal year 2024-25 (April 2024 to March 2025), the Adani Group, which operates seaports, electricity generation and transmission, natural gas distribution, mining, copper production, airports, data centers and commodities businesses, will be investing 1.2 lakh crores in capital expenditures.

Jaain stated that the 30 GW planned at Khavda would be composed of 26 GW of solar power and 4 GW of wind power.

There are currently 7,393 MW of solar capacity, 1,401 MW of wind capacity, and 2,140 MW of wind-solar hybrid capacity in AGEL’s operational portfolio.

Its current portfolio of 10,934 MW, which will power more than 5.8 million homes and avoid about 21 million tonnes of carbon dioxide emissions annually, represents approximately 11 percent of the country’s installed utility-scale solar and wind capacity, representing approximately 15 percent of the nation’s utility-scale solar installations.

While Adani emphasizes renewable energy, Hindenburg Research in January last year claimed that Adani companies had manipulated share prices and committed accounting fraud.

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