Adani to invest $70 bn in renewable energy, produce cheapest hydrogen

Billionaire Gautam Adani on Thursday said his logistics-to-energy conglomerate will invest USD 70 billion over the next decade to become the world’s largest renewable energy company and produce the cheapest hydrogen on the Earth.

Adani Green Energy Ltd (AGEL), the world’s largest solar power developer, is targeting 45 gigawatts 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), India’s largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by FY 2023 and to 70 per cent by FY 2030.

Speaking at the Bloomberg India Economic Forum, Adani Group’s founder-chairman said the group is working to make renewable a viable, affordable alternative to fossil fuels.

“By 2030, we expect to be the world’s largest renewable energy company without any caveat – and we have committed USD 70 billion over the next decade to make this happen. There is no other company that has yet made so large a bet on developing its sustainability infrastructure,” he said.

Adani Group already is the world’s largest solar power developer.