Adani group plans to invest $70 bn in the clean energy sector

Wednesday 03rd August 2022 06:44 EDT

Adani Group, whose combined group market capitalization exceeded $200 billion, now holds a major global renewable energies portfolio, and has also made progress in other sectors in the past one year: being the largest airport operator in India, the largest FMCG company in the country (Adani Wilmar), the country’s second largest cement manufacturer in India.

Group chairman Gautam Adani has announced that his group’s plan to invest $70 billion in the clean energy sector, will act as a facilitator for India’s green energy transition. The group has never walked away from investing in India, said Adani, while addressing shareholders during the annual general meeting of Adani Enterprises – the flagship company of the group. He called for “reshaping India’s energy footprint in an extraordinary way.

“Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future. We are leading the race to turn India from a country over-reliant on import of oil and gas to a country that might one day become a net exporter of clean energy,” he said.

The investment includes Adani Green Energy’s plan to aim at setting up 45 gigawatt (GW) renewable energy production capacity by 2030 for an investment of $20 billion. The company also targets developing a 2GW per year solar manufacturing capacity by fiscal year 2022-23.

The billionaire said the group is building India’s infrastructure, winning some of the largest road contracts and growing its market share in business such as ports, logistics, transmission and distribution, city gas, and piped natural gas.

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