Indian multinational conglomerate Adani Group has announced plans to invest $20bn in the renewable energy segment over the next ten years.
Addressing the JP Morgan India Investor Summit, Adani Group chairman Gautam Adani said that the group will invest in renewable energy generation, component manufacturing, transmission and distribution.
By 2025, the group aims to triple its clean energy generation capacity, power all its data centres with renewable energy, achieve net-zero operations at its ports and enter green hydrogen production.
Over the next four years, the group intends to spend more than 75% of its capital expenditure on green technologies.
The group currently has more than 4.9GW of operational renewable energy generation capacity, with around 5.1GW of capacity in development.
It also has a confirmed pipeline of more than 9.7GW and is likely to win another 4.5GW of capacity in contracts.
The Press Trust of India quoted Adani as saying: “Today, we are already the world’s largest solar power player when we account for our generating, under construction and contracted projects.
“We have done this in just two years and our renewable portfolio has reached our initial target of 25GW a full four years ahead of schedule.
“This puts us well on track to be the world’s largest renewable power generating company by 2030.”
The announcement puts Adani Group in competition with Reliance Industries, another Indian multinational conglomerate, which plans to invest Rs750bn ($10bn) in clean energy over the next three years.
As part of this, Reliance plans to build four ‘giga factories’ in Jamnagar, Gujarat, which will manufacture and completely incorporate all components of the green energy ecosystem.
The giga factories will consist of an integrated solar photovoltaic factory for manufacturing solar modules and panels, an advanced energy storage battery facility, an electrolyser unit to produce green hydrogen and a fuel cell unit.