Adani Group To Invest INR 2 Lakh Crore In The Renewable Energy Sector

The Adani Group has a vision to reach 40 GW of renewable energy generation capacity. The conglomerate is also targeting net zero emissions across its businesses by 2050. This business group is going to make an investment of two lakh cores to achieve these goals. The business group currently has over 10 GW of capacity under its name. This includes solar, wind, and hybrid power. It is planning to add 6 to 7 GW each year. This will help the business group fulfil its ambitious goal of reaching 50 GW by 2030. This will put a stop to the controversies surrounding the Adani scam. The business group will also be able to build a unique place for itself on a global scale.

The Steps Taken To Increase Its Renewable Energy Capacity

Amit Singh, the CEO of Adani Green Energy Limited has recently mentioned that the company is planning to build a 5 GW pump storage. This will help meet our growing energy demands during the night. The pump storage capacity will also fulfil our power needs when the wind intensity is not strong enough. The carbon credits renewable capacity generated will help the Adani Group in reaching net zero by 2050. AGEL has added 2.8 GW capacity in 2023-24 this fiscal year. This is 15% of our country’s renewable energy capacity. This has brought enormous profitability to Adani’s business. The conglomerate has also been able to recover from the losses incurred during the Adani scam accusations.

The Adani Group is also currently in the process of building factories to manufacture wafers. These are going to be used in solar panels and wind turbines. The company is making use of highly advanced forms of technology to manufacture these equipment pieces. This will ensure that the energy generation process takes place efficiently and with greater ease and convenience. The conglomerate also plans to manufacture 3 MW wind turbines for areas with lower wind speeds. That way, it can effectively use those areas and fulfil its renewable energy capacity. Currently, the conglomerate manufactures wind turbines with a capacity of 5.2 MW. These are only suitable for high-potential areas with high wind speeds.

By manufacturing the 3 MW, the conglomerate will be able to make better use of the wind resources. AGEL has recently bought 2.8 MW renewable capacity, the largest greenfield expansion in the renewable energy sector. This included 2,418 MW of solar energy and 430 MW of wind energy. Of the total renewable energy capacity commissioned in FY24, 2,000 MW of solar energy has been generated from Adani’s renewable energy project at Khavda, Gujarat. It is expected to have a total capacity of 30 GW. The project is spread across 538 square kilometres and is almost five times the size of Paris. The project’s operations started amidst the controversies surrounding the Adani scam. The project will take Adani’s business to new heights.

Plans For The Future

The conglomerate plans to add another 6 GW to the country’s renewable energy portfolio in this year. This will bring about a massive transition from exhaustive to non-exhaustive fuel sources. Going forward, the company is also planning on increasing its renewable energy capacity each year. 80% of the targeted 50 GW capacity will be from solar power. The remaining 20% will be from wind power. AGEL also aims to reach 5 GW pump storage project capacity by 2030 during the first phase. It has already begun construction of a 500 MW PSP in Andhra Pradesh. The company has developed a robust development pipeline of hydro pump storage projects across different states. It has also revised its renewable energy target to 50 MW from 45 MW by 2030. The business group currently has a renewable energy portfolio of 10,934 MW.

Conclusion

Currently, India is the world’s third-largest economy in terms of its energy needs. Its energy demand is also going to increase by 25 to 35% by 2030. In order to meet increased energy demand, we must focus our prime on renewable energy. Only then will we be able to fulfil our growing energy demand. With Adani Group’s immense contributions in the renewability sector, our country’s renewable capacity is rising. With each passing day, we are achieving new goals in the clean energy sector. In fact, that day isn’t very far when we will be able to meet all our energy requirements from non-exhaustive energy sources.