Adani Group to Invest USD 75 Billion in Energy Transition by 2030

New Delhi, Dec 6 (PTI) Adani Group has plans to invest USD 75 billion in energy transition initiatives by 2030, its chairman Gautam Adani said on Wednesday.

The investments will boost the group's vision to have 45 gigawatts of renewable energy capacity by 2030, Adani said in a statement.

"We are committed to large-scale renewables, developing an indigenous fully integrated manufacturing ecosystem and green hydrogen solutions. At the Adani portfolio level, a total investment of USD 75 billion by 2030 on our energy transition initiatives will further our vision to have 45 GW renewable energy capacity by 2030 and strengthen the pivotal role played by AGEL in India's glide path to decarbonisation," the group chairman said.

The investments will be executed through Adani Green Energy Limited (AGEL).

AGEL has emerged as the second-largest global solar PV developer in the US-based Mercom Capital Group's latest annual global report.

"The company's outstanding performance and contribution to the renewable energy landscape have earned it the prestigious second rank among the world's foremost solar PV developers," the statement said.

The statement said India saw a 9.5 per cent rise in power demand in FY 2022-23. Thus, the scope for renewable energy is vast, and the group is fully prepared to capitalise on the opportunity.

"As we implement significant sustainable projects, we ensure that we uphold stakeholder confidence and continue on our path towards sustainable growth. We aim to be in the top 10 companies of the world in ESG benchmarking of the electric utility sector by FY 2024-25 and have been acknowledged for leading the ESG rating by some of the esteemed rating agencies," it added.

AGEL has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.