Adani Group, synonymous with ambitious and rapid industrial expansion, has unveiled plans to invest approximately ₹2.3 lakh crore by the year 2030 to create India’s most significant renewable energy expansion to date, alongside boosting solar and wind manufacturing capacities. This commitment is a testament to the conglomerate’s resolve, coming in the wake of a short-seller attack it has decisively dismissed to forge ahead with robust growth strategies.
Leading the charge is Adani Green Energy Ltd (AGEL), India’s top renewable energy firm, poised to pour about ₹1.5 lakh crore into solar and wind power generation projects in Khavda, which is located in the vast expanse of Kutch, Gujarat. The investment will catapult the current 2 GW of capacity to a staggering 30 GW. An additional ₹50,000 crore is earmarked for the development of 6-7 GW of similar projects across other regions of the nation.
Adani New Industries Ltd (ANIL), nestled within the umbrella of the group’s flagship Adani Enterprises Ltd, is dedicated to investing close to ₹30,000 crore in scaling up its solar cell and wind turbine manufacturing prowess at Mundra, also in Gujarat. AGEL has an active operating portfolio of 10,934 megawatts (10.93 GW) and is strategically aiming for a 45 GW renewable energy capacity by 2030. Remarkably, 30 GW of this is planned to be concentrated at Khavda, earmarked to be the largest renewable energy project in the world.
Vneet S. Jaain, the Managing Director at AGEL, revealed, “We have just now commissioned 2,000 MW (2 GW) of capacity at Khavda and plan to add 4 GW in the current fiscal (financial year ending March 2025) and 5 GW every year thereafter.” The company’s efforts also include ANIL’s initiative to enhance its cell and module manufacturing facility at Mundra to 10 GW by 2026-27 from the current capacity of 4 GW, according to Mr. Jaain, who also serves as a director on the ANIL board.
At the heart of the manufacturing process for solar power is the transformation of crystalline silicon into cells capable of transmuting sun rays into electricity. Once mounted on modules, these are placed in high-radiation zones such as Khavda, where the electricity generated is wired into the transmission grid, thereby routed to consumers across regions.
Additionally, ANIL is set to double its windmill production, which utilizes wind to generate electricity, reaching a 5 GW capacity within three and a half years. This scaling up is part of Adani Group’s core businesses, which span a diverse portfolio including seaports, power generation and transmission, natural gas distribution, mining, copper production, airports, data center operations, and various commodities. For the fiscal year 2024-25, the group has announced capital expenditure plans totaling ₹1.2 lakh crore.
The group’s foray into renewable energy is unmatched in ambition within the Indian corporate sector, aligning with the nation’s goal to produce 500 GW of electricity from non-fossil sources by 2030 as part of a grand strategy to achieve net-zero emissions by 2070.
Beyond investing in renewable energy, Adani Group has been bolstering its resilience against allegations of share price manipulation and accounting fraud brought forth by Hindenburg Research in January of the previous year. Firmly denying all claims, the group saw the market capitalisation of its listed companies dip by a staggering $150 billion at the lowest point. Since then, Gautam Adani, the group’s chairman, has confidently avowed the group’s financial health to be “healthier than ever.”
In the immediate aftermath of the short-seller report, Adani has reassured investors and stakeholders by moderating certain investments, reducing share-backed debt, and divesting stakes to external investors, including GQG Partners, a Florida-based investment firm. Subsequently, the group is back on its trajectory of rapid expansion, diving into back-to-back deals, including a significant agreement with Reliance Industries Ltd, owned by another business tycoon, Mukesh Ambani.
As these developments unfold, AGEL’s existing operational portfolio—a mixture of solar, wind, and wind-solar hybrid capacities—is already making impactful strides, powering millions of homes and substantially mitigating carbon dioxide emissions annually. It is this blend of environmental conscientiousness and strategic growth that anchors Adani Group’s sweeping vision for renewable energy dominance, even as it navigates the vicissitudes of the global financial terrain.
