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India’s Top Clean Energy Firm to Invest $22 Billion to Boost Capacity Fivefold

Adani Green Energy, the biggest renewable power producer in India, plans an additional $22 billion in investment to boost its installed clean energy capacity fivefold by 2030, the company’s CEO told Bloomberg Television in an interview on Monday.

Adani Green Energy, part of Adani Group of Indian billionaire Gautam Adani, has announced earlier plans to invest $70 billion by 2030 in its green energy operations to become the largest producer of renewable energy in the world. In 2022, the plans included investments in three gigafactories that would manufacture solar modules, wind turbines, and electrolyzers for green hydrogen production. 

Adani Green Energy will first look to invest domestically before expanding with more operations abroad as it will aim to meet part of India’s soaring electricity demand, CEO Amit Singh told Bloomberg today. 

During the first half to September 30 of its 2023/2024 fiscal year, Adani saw its operational capacity increase by 24% year-on-year to 8,316 MW, the company said at the end of October. 

Thanks to the capacity additions, revenue, EBITDA, and profits at Adani Green Energy surged between April and September compared to the same period of 2022.

Adani Green Energy has an overall locked-in portfolio of 20.4 GW including projects that are operating, under construction, or awarded to investment-grade counterparties, it said.

Adani and Reliance Industries, chaired by another Indian billionaire, Mukesh Ambani, have recently announced grand plans to invest in renewables and the supply chain as India aims to expand clean power generation.

Reliance Industries, for example, said in early 2022 it would invest as much as $76 billion in green energy projects in India over the next 15 years. Reliance had already announced the year prior a commitment to invest more than $10 billion in three years in a new business unit that would build solar modules, battery storage, electrolyzer, and fuel cell factories.

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By Charles Kennedy for Oilprice.com

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