Adani Group firms AGEL, ATL declare energy compact goals as part of COP26

Adani Green Energy Ltd and Adani Transmission Ltd have declared their energy compact goals

Adani Green Energy Ltd (AGEL) and Adani Transmission Ltd (ATL) have declared their energy compact goals as part of COP26, primarily adhering to the Sustainable Development Goal 7 (SDG 7).

Adani Green Energy Ltd (AGEL), the world's largest solar power developer, and Adani Transmission Ltd (ATL), India's largest private sector power transmission and retail distribution company, have declared their Energy Compact Goals as part of COP26, primarily adhering to SDG 7, the company said in a statement.

The SDG 7 defines a set of goals to be achieved by 2030. The companies are to ensure universal access to affordable, reliable, and modern energy services and increase substantially the share of renewable energy in the global energy mix, it added.

Both AGEL and ATL have centred their business strategy around the achievement of SDGs across all their activities, with SDG 7 as the cornerstone.

AGEL's and ATL's commitment will also support the targets taken by the Government of India and its commitment to the UN Energy Compact, it stated.

India has committed to increasing the installed capacity of renewable energy to 450 GW by 2030 and to the production-linked incentive (PLI) scheme to add 10 GW solar PV manufacturing capacity by 2025.

India has also committed to 'enhancing energy efficiency in agriculture, buildings, industry and transport sectors and promote energy-efficient appliances/ equipment to reduce India's emissions intensity of GDP'.

AGEL has set a target of achieving the 45-gigawatt (GW) renewable energy capacity by 2030, with the average tariff below the average power purchase cost (APPC) at the national level. Further, AGEL will invest USD 20 billion in renewable energy development over the next decade and develop a two GW per year solar manufacturing capacity by FY 2022-23.

ATL is on course to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by FY 2023 and to 70 per cent by FY 2030 through its utility subsidiary in Mumbai and reduce its carbon intensity on per unit of revenue basis to support SDG 13 for Climate Change Mitigation.

ATL's role as a transmission provider and distributor of energy is also in line with SDG 11 on Sustainable Cities and Communities, as it provides resilient infrastructure and ensures community access to a consistent and secure power supply.

Adani Transmission Ltd (ATL) is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates.

ATL is the country's largest private transmission company with a cumulative transmission network of 18,300 circuit km (ckm), out of which 13,700 ckm is operational and 4,600 ckm is at various stages of construction.

The company also operates a distribution business serving about three million customers in Mumbai. With India's energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards serving retail customers and achieving 'Power for All' by 2022.

Adani Green Energy Ltd (AGEL), part of India-based Adani Group, has one of the world's largest renewable portfolios, with locked-in growth of 19.8 GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties.

The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various state discoms. Listed in 2018, AGEL today is a USD 19-billion market cap company helping India meet its COP21 goals. Mercom Capital, the US-based think tank recently, ranked Adani Group as the number one global solar power developer.