Monday, December 5, 2022

Adani Group will invest over $100 bn in next 10 years

Chairperson of Adani Group, Gautam Adani, said that the company will invest over $100 billion in the next decade. Speaking at the 20th Forbes Global CEO conference on Tuesday, Adani said that they have earmarked investments for the energy transition space.
“As a Group, we will invest over 100 billion dollars of capital in the next decade. We have earmarked 70 per cent of this investment for the Energy Transition space. We are already the world’s largest solar player, and we intend to do far more,” he said, further adding that the company is committed to invest $70 billion in an integrated Hydrogen-based value chain. Adani said that Adani New Industries is the “manifestation of the bet we are making in the energy transition space”.
In addition to the existing 20 GW renewables portfolio, the new business will be enhanced by another 45 GW of hybrid renewable power generation, spread over 100,000 hectares, which is 1.4 times the size of Singapore, said the industrialist.
The Adani Group chief said that the new business will lead to the commercialisation of 3 million metric tons of green energy. They will also build 3 giga factories in India. “We are in the process of building a 10 GW silicon-based photo-voltaic value-chain that will be backward-integrated from raw silicon to solar panels, a 10 GW integrated wind-turbine manufacturing facility, and a 5 GW Hydrogen electrolyser factory,” he said during the event.
He added that they aim to become one of the least expensive producers of the green electron and then of green hydrogen. “It is an absolute game changer for India and opens up the unprecedented possibility that India could one day become a net energy exporter,” he said.
While laying out the plans of the group, Adani also acknowledged that unlike what critics say, India cannot do away with fossil fuels altogether. “However, while we undertake this uniquely ambitious energy transition journey, we are also making sure that our goals stay equitable with national needs. Critics would have us instantly get rid of all fossil fuel sources that India needs to serve its large population. This would not work for India,” he said, elaborating that India accounts for less than 7 per cent of CO2 emissions even though it has 16 per cent of the global population.
He also spoke of their digital transformation ambitions. Adani said that the Indian Data Center market is witnessing an explosive growth but consumes more energy than any other energy. He said that building green data centres will be a game-changer.
“We will interconnect these data centers through a series of terrestrial and globally linked undersea cables drawn at our ports and build consumer based super-apps that will bring the hundreds of millions of Adani’s B2C consumers on one common digital platform. Once done, the monetization possibilities are endless,” he said.
Adani said that they have just finished building the world’s largest sustainability cloud that has a hundred of their solar and wind sites running on it.
“The point I would like to make is that – India is full of incredible opportunities. The real India growth story is just starting. This is the best window for companies to embrace India’s economic resurgence and the incredible multi-decade tail wind the world’s largest and most youthful democracy offers. India’s next three decades will be the most defining years for the impact it will have on the world,” he said.

Must Read