The conglomerate aims to build 40 gigawatts of renewable energy generation capacity as part of its plan to achieve net zero emissions across all its plants by 2050
The Adani group is looking to invest about Rs 2 lakh crore by 2030 to build 40 gigawatts of renewable energy generation capacity, as it targets net zero emissions across businesses by 2050, top officials said today.
The apple-to-airport conglomerate currently has over 10 GW of capacity to generate electricity from renewable sources like sunlight and wind energy and is looking to add 6-7 GW every year to reach 50 GW by 2030
Its CEO Amit Singh said the company would also build a 5 GW pump storage capacity to peak power demand during the night when sunlight is not available and wind intensity is not strong enough to turn wind turbines to produce electricity. The carbon credits renewable capacity generates, together with a few other measures, will help turn the group net zero by 2050.
AGEL added 2.8 GW capacity in the 2023-2024 (April 2023 to March 2024) fiscal, which was 15 percent of India's total renewable energy capacity addition, Singh said. Going forward, that kind of capacity addition or higher is likely every year, Adani said, adding that 80 percent of the 50 GW capacity will be solar and the rest wind.
The conglomerate is building factories to make wafers used in solar panels to generate electricity and wind turbines.
Singh said the group is now looking at making 3 MW wind turbines for areas with lower wind speeds. It currently makes wind turbines of 5.2 MW capacity that are suited for high-potential areas like Khavada in Gujarat.
India is the world's third-largest economy in terms of energy needs, and its energy demand is projected to surge 25-35 percent by 2030. Its peak energy demand is estimated to be 366.4 GW by 2031-32.