Adani Green Energy Ltd has announced a mammoth investment of Rs 1.5 lakh crore to expand its capacity to 30 gigawatts (GW) at its Khavda renewable energy project site in Kutch, Gujarat. This ambitious venture, spearheaded by Managing Director Vneet Jaain, aims to transform barren land spanning 538 square kilometers in Khavda into the world’s largest renewable energy project, nearly equivalent to the size of Mumbai.
In just a year since the project’s inception, Adani Green has already commenced operations for 2GW of the planned 30GW capacity. Jaain revealed plans to scale up by adding approximately 4GW in the ongoing financial year, reaching a total of 6GW by March 2025. Subsequently, the company aims to add 5GW annually, with expansion plans extending to other regions across the country.
While the recently commissioned 2GW capacity at Khavda focuses on solar power, the project is also gearing up to establish wind energy capacity at the same location. With windmills already installed, the company targets commencement of power generation later this year.
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This latest development propels Adani Green’s operating portfolio to 10.9GW. Looking ahead, the company envisions generating 45GW of renewable energy by 2030, with the Khavda project anticipated to contribute significantly towards this ambitious goal.
Jaain, in response to queries about financing, revealed a comprehensive financial management plan in place for Adani Green’s ambitious growth trajectory, spanning up to 45 GW by 2030. While specifics weren’t disclosed, the plan aligns yearly financing requirements with diverse funding sources, including internal accruals, equity, domestic loans, and external commercial borrowings.
Overseeing Adani New Industries, Jaain outlined plans for green hydrogen projects, wind turbine manufacturing, solar modules, and batteries. With a target of 5 GW for wind capacity and a minimum of 10 GW for solar manufacturing, the company boasts an integrated ecosystem with 1.5 GW for wind turbine generators and 4 GW for solar equipment at its Mundra facility in Gujarat. While Adani Green largely exports its solar capacity, equipment for the Khavda project is mainly sourced from China.
When questioned about equipment sourcing from Adani New Industries, Jaain emphasized both entities’ autonomy, operating at “arm’s length.” He affirmed that decisions regarding procurement and sales prioritize the best quality and cost-effective options.
Adani New Industries, a subsidiary of Adani Enterprises Ltd, has nurtured various businesses before their public listing. While affirming plans for manufacturing expansion, Jaain remained non-committal about listing specifics.
Sources: moneycontrol.com