The Adani Group said it would invest ₹ 2 lakh crore (US$24.2 billion) by 2030 to build a 40-gigawatt (GW) renewable energy generation capacity. Adani Green Energy Ltd (AGEL), a subsidiary of the Adani Group with a current renewable energy capacity of over 10 GW, aims to add 6-7 GW annually, reaching 50 GW by 2030.
“This translates to an estimated investment of ₹ 2 lakh crore by 2030,” said Sagar Adani, Executive Director of AGEL.
To ensure reliable power delivery, AGEL plans to build a 5 GW pump storage facility. This facility will store excess renewable energy during the day and release it during peak demand periods at night when solar power is unavailable and wind intensity is low.
“The carbon credits generated by our renewable energy capacity, along with other initiatives, will enable the Adani Group to become net zero by 2050,” said Amit Singh, CEO of AGEL.
AGEL has been a significant contributor to India’s renewable energy sector. In the last fiscal year (2023-2024), the company added 2.8 GW of capacity, representing 15% of India’s total renewable energy growth. They are targeting a similar or higher capacity addition every year in the future.
The company also strategically integrates vertical integration by building factories to manufacture wafers in solar panels and wind turbines. AGEL is developing 3 MW wind turbines specifically designed for areas with lower wind speeds, complementing their existing 5.2 MW turbines for high-wind potential regions.
India, with its rapidly growing economy, requires a significant increase in energy production. To meet this demand, India’s energy needs are expected to surge by 25-35% by 2030. AGEL’s large-scale renewable energy projects are well-positioned to contribute to a more sustainable energy future for India.
Some of AGEL’s key achievements include:
* Commissioning the largest greenfield renewable energy project in India – a 2,848 MW (2.8 GW) project, including 2,418 MW of solar and 430 MW of wind power.
* Contributing 2,000 MW of solar capacity from their world’s largest 30,000 MW renewable energy project currently under construction at Khavda, Gujarat.
* Targeting at least 5,000 MW of pumped storage capacity by 2030, with construction underway on a 500 MW facility in Andhra Pradesh.
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