Adani pledges $75 bn for 45GW clean energy goal

Adani Group has announced a massive $75 billion investment in energy transition projects, aiming to achieve its 45 gigawatts (GW) renewable power capacity by 2030.

Adani’s clean energy drive is a crucial part of India’s broader plan to achieve 500GW of installed renewable energy by the end of the decade

“At the Adani portfolio level, a total investment of $75 billion (by 2030) on our energy transition initiatives will further our vision to have 45GW renewable energy capacity by 2030 and strengthen the pivotal role played by Adani Green Energy Ltd (AGEL) in India’s glide path to decarbonization,” Adani Group chairman Gautam Adani said in a statement.

The group is committed to largescale renewables, developing an indigenous fully integrated manufacturing ecosystem and green hydrogen solutions, Adani said.

AGEL is developing a major renewable energy hub in Khavda, Gujarat, where it plans to employ over 5,000 people. This hub will feature cutting-edge TOPCon solar modules and India’s largest 5.2 megawatts (MW) wind turbine.

TOPCon, or Tunnel Oxide Passivated Contact, is an innovative solar cell technology designed to boost solar module efficiency. It works by integrating a tunneling oxide layer with a PERC solar cell, which helps minimize energy loss and enhances solar cell performance.

Once fully operational, this cluster is expected to generate 20GW of green energy. In fiscal 2023, the group launched a 2.14GW solar-wind hybrid plant in Jaisalmer, Rajasthan, marking it as India’s first and the world’s largest solar-wind hybrid cluster.

Adani made the announcement in a statement on Wednesday as global clean energy research firm Mercom Capital Group unveiled its annual report, which declared AGEL as the second-largest global solar photovoltaic, or PV, developer.

The report placed France’s TotalEnergies at the top with a total capacity of 41.3GW. AGEL secured the second spot globally in solar energy, with a combined capacity of 18.1GW across operational, under-construction, and awarded projects. Following them, Brookfield Renewable Partners from Canada ranks third. This ranking is among companies specializing in the development, design, construction, and operation of solar power plants.

Mercom unveiled the report outlining the top ten leading international large-scale solar PV developers based on data compiled from July 2022 to June 2023.

The top 10 developers accounted for 145GW of operational, under-construction, and awarded solar projects during the reporting period. Of this, 49.5GW of projects were active, 29.1MW under construction, and 66.2GW projects awarded, but yet to begin.

In its September quarter earnings report, AGEL had posted a 24% jump in operational capacity over the previous quarter.