Adani to invest $75 bn to scale up AGEL’s RE portfolio to 45 GW
The investments will boost the group’s vision to have 45 gigawatt of renewable energy capacity by 2030, Adani said in a statement
NEW DELHI: Adani Group has plans to invest USD 75 billion on energy transition initiatives by 2030, its chairman Gautam Adani said on Wednesday.
The investments will boost the group’s vision to have 45 gigawatt 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.
It has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonne of CO2 emissions cumulatively.
Gautam Adani now 15th richest in the world
Gautam Adani, Adani Group Chairman is now the 15th richest in the world after adding more than $ 12 billion in a massive rally in Adani Group stocks.
Adani was back in the list of top 20 richest people in the world in November following the rally in Adani Group stocks
As per the Bloomberg Billionaires Index, Adani is now the 15th richest person in the world, with a net worth of $82.5 billion. Adani’s wealth jumped by more than $ 12 billion following the rally in Adani Group stocks on Tuesday.
Adani Group market cap hit an 11-month high, reaching Rs 13.8 lakh crore in mcap in Tuesday’s trade.
The Adani conglomerate clinched its best-ever single-day market performance adding Rs 1.92 lakh crore in one day gains.
Tuesday’s strong gains also come on the heels of reports indicating that the US International Development Finance Corp (DFC) did not find the allegations of corporate fraud by short-seller Hindenburg Research relevant. Before extending a significant loan to the conglomerate for a port project in Sri Lanka, the DFC reportedly conducted a thorough examination of the claims against the Adani Group.