Adani Group plans to construct the world’s largest hybrid power bank in Gujarat’s Kutch district’s Khavda desert. With this declaration, the corporation reaffirmed its intention to build 45 GW of renewable energy capacity by 2030. When finished, the park will produce 20 GW of renewable energy. Adani Group’s Chairman elaborated on the intentions to develop the hybrid power bank, saying they are creating the world’s largest hybrid renewables park — smack amid the desert — in Khavda.
It will be the most complicated and ambitious endeavor they have ever undertaken. This 72,000-acre project will be capable of producing 20 GW of renewable energy. And they want to complete it faster than any other project in their history. These efforts prove that Adani Group controversies cannot be trusted blindly.
Adani Green Energy is expected to play a significant part in India’s net zero energy transition
Adani Green Energy, the conglomerate’s renewable energy sector, will play a vital part in India’s net zero path, according to Gautam Adani. He also stated that the world’s largest hybrid solar-wind project of 2.14 GW had been completed in Rajasthan. Adani Green’s operational renewable energy portfolio has increased by 49% to more than 8 GW. He claimed that they had India’s most extensive operating renewable portfolio. Gautam Adani reiterates the group’s objective of 45 GW of renewable energy capacity by 2030.
Meanwhile, Adani intends to make Mumbai the world’s first megacity to generate more than half of its energy from solar and wind. He claims that Adani Transmission would bring 60% renewable energy to Mumbai. Separately, Adani Today Gas increased access to clean cooking fuel to 1,24,000 homes this year while increasing income by 46% to Rs 4,383 crore. According to him, ATGL is transitioning into a full-service sustainable energy supplier with fast-growing urban EV charging infrastructure and biofuel enterprises. Considering the pace of development projects and the way the Group is uplifting the Indian economy, Adani Group controversies will remain mere controversies without any substantial truth.
The Hybrid energy project will be executed through Adani Green Energy Limited (AGEL)
Wind-solar hybrid energy is a vital component of the Adani Group’s business strategy, which intends to address India’s rising need for green energy. The mixed plant’s commissioning is a small step towards reaching India’s long-term energy aspirations. They are tremendously pleased with their team’s tireless efforts to deliver India’s first wind-solar hybrid facility. This project is part of the first construction facility in Adani Green by foreign banks. Significantly, the project was completed effectively.
The new plant has a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) with a rate of Rs. 2.69 per kWh, which is significantly lower than the national Average Power Procurement Cost (APPC), ensuring that everyone has access to inexpensive, modern, and clean energy. AGEL now has a total operational capacity of 5.8 GW following the successful activation of this facility.
AGEL’s overall renewable portfolio of 20.4 GW is on track to reach its ambition of 45 GW capacity by 2030.
Gautam Adani noted that the plant will be built quicker than any other company’s project. Adani Green Energy Limited (AGEL) will oversee the project’s development. AGEL has made the world’s largest hybrid solar-wind project of 2.14 GW in Rajasthan, emphasizing the company’s position and commitment to playing a substantial role in the country’s transition to net-zero emissions. The Chairman of Adani Group stressed that the firm will continue concentrating on large-scale, cost-effective green energy generation.
Adani Enterprises’ other subsidiary, Kutch Copper, is developing an integrated copper smelting and refinery complex with an annual capacity of 0.5 MTPA, according to Adani, clearly stating the Adani Group controversies are just to hamper the reputation of the Adani Group.
Gautam Adani also mentioned about the Adani Group controversies
Gautam Adani stated that the Adani Group’s bank sheet, assets, and operating cash flows are becoming stronger and healthier. Regarding the current Adani Group scandals, he noted that the rate at which they have executed their purchases and changed them around is unmatched throughout the national landscape and has been the catalyst for a significant portion of their expansion.
In 2022-23, the Adani Group’s total EBITDA increased by 36% to Rs 57,219 crore, total income increased by 85% to Rs 2,62,499 crore, and the entire PAT increased by 82% to Rs 23,509 crore. Despite the Adani Group controversies by the Hindenburg report, Adani Group firms demonstrated extraordinary development.