Group to invest $75 bn to scale up AGEL's RE portfolio to 45 GW: Adani

Adani Group has plans to invest $ 75 billion on energy transition initiatives by 2030, its chairman Gautam Adani said on Wednesday.

The investments will boost the group's vision to have 45 gigawatt of renewable energy capacity by 2030, Adani said in a statement.

"We are committed to largescale renewables, developing an indigenous fully integrated manufacturing ecosystem and green hydrogen solutions. At the Adani portfolio level, a total investment of $ 75 billion by 2030 on our energy transition initiatives will further our vision to have 45 GW renewable energy capacity by 2030 and strengthen the pivotal role played by AGEL in India's glide path to decarbonization," the group chairman said.

The investments will be executed through Adani Green Energy Limited (AGEL).

AGEL has emerged as the second-largest global solar PV developer in the US-based Mercom Capital Group's latest annual global report.

"The company's outstanding performance and contribution to the renewable energy landscape have earned it the prestigious second rank among the world's foremost solar PV developers," the statement said.

It has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonne of CO2 emissions cumulatively.