Adani to invest $70 billion in renewable energy over the next decade

Gautam Adani has announced that his logistics-to-energy conglomerate will invest $70 billion over the next decade to become the world’s largest renewable energy company while speaking at the Bloomberg India Economic Forum.  It will also produce the cheapest hydrogen on Earth, he said.

Adani Green Energy Ltd (AGEL), an independent solar power developer, is targeting 45 gigawatts (GW) of renewable energy capacity by 2030 and will invest USD 20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23.

Adani Transmission Ltd (ATL), a private sector power transmission and retail distribution company are looking to increase the share of renewable power procurement from the current 3 percent to 30 percent by FY 2023 and to 70 percent by FY 2030.

Adani Group’s founder-chairman at the conference said that the group is working to make renewable a viable, affordable alternative to fossil fuels. Adani Group is already is the world’s largest solar power developer.

“From an Adani perspective, we are very strongly positioned to produce the world’s least expensive hydrogen, which is expected to be an energy source plus feedstock for various industries that we intend to play in,” he said.

 Stating that green hydrogen, produced from renewable energy, is a miracle fuel and a miracle feedstock, he said India’s exponential growth in renewables, producing green hydrogen cheaply could transform the nation into a net exporter of green energy.

Over the past years, the Adani group has focused on turning all the businesses, be it electricity, ports and logistics, airport and transport, and data-centers green.

Stating that in 2025 it is estimated an individual in the developed world will have one interaction with a data center every 20 seconds, he said as 5G connectivity expands enterprise networks and moves data processing to the edge, there is a need to reimagine data center designs. “The Adani Group is well-positioned to benefit from this trend given our ability to build data centers, connect data centers, and provide 100 percent green power to data centers – a provision that will be hard to replicate at an economic scale elsewhere in the world,” he said.

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