Adani bets USD 70bn on renewable energy over decade

Indian conglomerate Adani Group expects to become the world’s largest renewable energy company by 2030 and has committed to spending USD 70 billion (EUR 61bn) this decade to make this happen, chairman Gautam Adani said on Thursday at the Bloomberg India Economic Forum.

He said the group is well positioned to produce the world's cheapest hydrogen which is expected to become a source of energy and feedstock for various industries.

Following a model of moving into adjacent businesses, Adani Group sees an opportunity in data centres, which will be increasingly needed. Gautam Adani said the group can build and connect data centres and provide 100% green power to them, representing a "provision that will be hard to replicate at an economic scale elsewhere in the world."

Adani Green Energy Ltd (AGEL), meanwhile, has set a target of 45 GW renewable energy capacity by 2030 and plans to invest USD 20 billion in renewables development during the next decade. It will also develop a 2-GW annual solar manufacturing capacity by the 2022/2023 financial year.

In the meantime, Adani Transmission Ltd (ATL) will aim to expand the share of renewable power procurement from 3% now to 30% by the 2023 financial year and to 70% by 2030.

At the COP26 summit, India’s prime minister Narendra Modi announced that India will achieve its net-zero target by 2070, whilst by the end of this decade, it will seek to meet 50% of its energy requirements from renewables.

(USD 1 = EUR 0.873)

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