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March 4, 2024

Adani to focus on energy transition; invests $100 bn

Gautam Adani, group chairman of the Adani Group, announced “game-changing” plans on Tuesday that he said could turn India into a net energy exporter. The Adani Group would invest $100 billion (Rs 8.1 trillion) over the next ten years, with a significant portion going toward energy transition.

70% of the group’s new investments are designated for infrastructure and space for the energy transition. “We are now the biggest solar player in the world, and we want to do much more. Adani New Industries is the embodiment of our wager in the area of energy transition in this aspect. We have committed to investing $70 billion in a comprehensive value chain based on hydrogen “Adani made this comment in Singapore at the Forbes Global CEO conference.

“In addition to our existing 20 Gw renewables portfolio, the new business will be augmented by another 45 Gw of hybrid renewable power generation spread over 100,000 hectares — an area 1.4 times that of Singapore.

Three million metric tonnes of green hydrogen will eventually be commercialized as a result of this. In this sector, Adani Group will construct three gigafactories in India to produce solar panels, wind turbines, and hydrogen electrolysers.

“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 electrolyze factory,” he said.

“Today, we can confidently state that we have a line of sight to first become one of the least expensive producers of the green electron and thereafter the least expensive producer 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 added.

Adani predicted that as rising nationalism, altered supply chains, and technological limitations threaten the second-largest economy in the world, China will feel more and more alone.

This is due to the fact that globalization, of which China was regarded as the leading proponent, is about to change direction. He predicted that it would look significantly different from what we had been accustomed to in a mostly unipolar world.

The founder and chairman of the Adani Group stated at a conference in Singapore that the Belt and Road programme of China has encountered opposition in many nations.

He said he believes that China, who is regarded as the leading proponent of globalization, will feel more alone. Technology limitations, supply chain risk reduction, and rising nationalism will all have an effect.

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