Adani Group to Invest $20 Billion to Become World’s Largest Renewable Power Company by 2030

HYDERABAD: In a bid to become the world’s largest renewable power generating company by 2030, the Adani Group will be investing over $20 billion in the renewable energy space over the next decade, Adani Group chairman Gautam Adani said on Monday.

“Our overall organic and inorganic investments across the entire green energy value chain will range between $50-70 billion. This will include investments with potential partners for electrolyser manufacturing, backward integrations to secure the supply chain for our solar and wind generation businesses, and AI-based industrial cloud platforms,” Adani said while addressing participants virtually at the TiE Sustainability Summit being held in Hyderabad.

In fact, Adani Group company, Adani Green Energy Ltd (AGEL), on Monday completed the $3.5 billion (Rs 26,000 crore) acquisition of SB Energy India, that has 5GW renewable assets across four states in India through its special purpose vehicles.

Speaking at the summit, Adani pointed out that over the past decade, the price of solar panels has dropped by 90% and possibly over the next decade there will be a price drop of the same magnitude as panels will become more efficient and new materials will come into play.

“The fact is that the marginal cost of solar power is moving towards ‘zero’ and this is both transformative and disruptive,” he added.
He said that the Adani Group is tripling its solar power generation capacity over the next four years.
“Our renewables portfolio has reached the initial target of 25GW, a full four years ahead of schedule. Today, we are already the world’s largest solar power player,” he added.

Betting big on the prospects of renewable energy, he said the revolution in alternative energy technologies has opened up the possibility of India becoming a net green energy exporter.
“Hydrogen and its derivatives can replace a significant amount of our imports of crude oil, natural gas, and coal,” he said.

Source:ToI