During the Adani Enterprise’s annual general meeting (AGM) on July 18, Gautam Adani, the chief of the company, highlighted the crucial role of their renewable energy businesses in India’s journey towards achieving net-zero emissions. Adani Green Energy (AGEL), the renewable energy arm of the group, has already commissioned the world’s largest hybrid solar-wind project in Rajasthan, with a capacity of 2.14 GW. Adani announced plans for the construction of an even larger hybrid renewable park in Khavda, spanning over 72,000 acres and capable of generating 20 GW of green energy.
Adani emphasized that the company’s new businesses now contribute 50% of its Ebitda. The renewable energy portfolio of the company has grown by 49%, reaching 8 GW, making it the largest of its kind in India. The focus is now on producing cost-effective green energy on a large scale. Adani reaffirmed their target of achieving 45 GW of renewable energy capacity by 2030.
Furthermore, Adani mentioned an upcoming hybrid renewable project in the desert that is expected to produce 20 GW of energy. The company aims to complete this project faster than any previous endeavor. Adani Green Energy is planning to raise Rs 12,300 crore ($1.5 billion) through a qualified institutional placement (QIP) to support the expansion of its green energy operations.
The fundraising efforts will alleviate concerns regarding debt servicing and boost investor confidence. Adani Group aims to establish itself as a leader in India’s renewable energy segment, with AGEL already operating a renewable portfolio of 8,024 MW. Adani Transmission, another subsidiary, is also expanding its transmission business and outpacing market growth.
Following a negative report by shortseller Hindenburg in January 2023, Adani Group has been working to regain investor trust. While the stock prices have partially recovered since then, the company remains focused on rebuilding confidence in the market.
