Adani Energy to invest USD 20 billion in renewable energy development over next decade

Ahmedabad, Nov 9 (UNI) Adani Green Energy Ltd (AGEL) will invest USD 20 billion in renewable energy development over the next decade and develop two Gigawatt per year solar manufacturing capacity by financial year 2022-23, an official statement said on Tuesday.

Adani Transmission Ltd (ATL) is on course to increase the share of renewable power procurement from the current three per cent to 30 per cent by financial year 2023 and to 70 per cent by financial year 2030 through its utility subsidiary in Mumbai and reduce its carbon intensity on per unit of revenue basis to support Sustainable Development Goal (SDG) 13 for Climate Change Mitigation, the statement further said.

Both the companies have declared their energy compact goals as part of COP26, primarily adhering to Sustainable Development Goal 7 (SDG 7). 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.

India has committed to increase the installed capacity of renewable energy to 450 GW by 2030 and to the Production Linked Incentive Scheme (PLI) to add 10 GW solar PV manufacturing capacity by 2025.

India has also committed to ‘enhance energy efficiency in agriculture, buildings, industry and transport sectors and promote energy-efficient
appliances or equipment to reduce India’s emissions intensity of GDP’.