Vneet Jaain, the head of Adani Green Energy Ltd, announced during a media briefing on April 6th that the company intends to invest approximately ₹1.5 trillion by 2030 to establish the world’s largest renewable energy facility. This facility, boasting a capacity of 30 gigawatts, will be situated at the Khavda renewable energy park in Gujarat.
As part of the Adani Group’s flagship initiative in renewable energy, the project aims to achieve a total installed renewable energy capacity of 45 gigawatts (GW) in India by 2030. This endeavor will involve the development of 26 GW of solar capacity and 4 GW of wind generation capacity. Currently, Adani Green Energy Ltd (AGEL) operates a renewable energy portfolio totaling 10.93 GW, comprising 7.39 GW of solar, 1.4 GW of wind, and 2.14 GW of hybrid projects spread across 12 states.
Vneet Jaain, the managing director of AGEL, revealed to the media that the company has already inaugurated 2 GW of solar capacity at the Khavda renewable energy park. An additional 4 GW is scheduled to be installed in the ongoing fiscal year (FY25), with solar projects comprising the majority of this expansion.
“In this financial year, we are planning about 4 GW (addition) in Khavda. We have already commissioned 2 GW. So, it will be 6 GW by March 2025. Then every year we have a plan of setting around 5 GW. Beside Khavda, we have some plans for setting up in other parts of the country also,” Jaain explained.
The Adani project at Khavda will position it as the largest renewable energy park in India, boasting a cumulative capacity of approximately 45 GW. Other developers involved in the park include state-run NTPC and Gujarat Industries Power Company (GIPC). Currently, the Bhadla Solar Park in Rajasthan holds the title of the largest renewable energy park in India, with a capacity of 2.24 GW.
Jaain further detailed the financing strategy for the project, stating, “We have a complete capital outlay of that, how much we will get in terms of internal accruals, how much will be the equity requirement. If there is some shortfall of the equity, how this will come…How the financial process will happen, the loan part. How we will go for the domestic loan, how we will go for the ECBs, up to the next 7-8 years, up to 45 GW…”
He provided insights into the costs, stating that the average installation cost for solar capacity is approximately ₹4.5-4.6 crore per megawatt (MW), while for wind, it stands at ₹6.5 crore per MW. AGEL’s expansive project, covering 538 sq. km of barren land in Kutch, commenced power generation in February.
Additionally, Jaain, serving as a director at Adani New Industries Limited (ANIL), disclosed plans for significant investments exceeding ₹30,000 crore over the next four years in manufacturing solar modules, related products, and wind turbines. The company, already established in solar modules and cells, ventured into the production of wafers and ingots. Jaain emphasized the necessity of a comprehensive manufacturing ecosystem for solar power generation, revealing ANIL’s intention to develop polysilicon within approximately three-and-a-half years, thus ensuring its presence across the entire supply chain for solar modules.
Regarding battery energy storage systems, he mentioned, “As far batteries are concerned, we are just having a lot of evaluation of that. We have not decided anything on the battery front.” This emphasis on renewable energy aligns with the government’s ambitious target of achieving 500 GW of installed non-fossil power capacity in India by 2030.
AGEL has committed substantial investments across various sectors within the new energy and energy transition ecosystem, including green hydrogen and e-mobility. In addition to Adani, other major corporations are also making significant strides in renewable energy. Last August, Reliance Industries announced an increase in its investment target for renewable energy to ₹1.5 trillion. Similarly, state-run ONGC has set a goal to achieve 10 GW of renewable energy capacity by 2030, with an investment of ₹1 trillion.
Relevant articles:
– AGEL to invest ₹1.5 trillion in developing world’s largest RE park in Khavda, livemint.com
– AGEL will invest ₹1.5 Tn in Khavda Renewable Energy Park, Utkarsh Classes
– Amazon is the world’s largest corporate purchaser of renewable energy for the fourth year in a row, aboutamazon.com