The fraud row hasn’t dimmed Gautam Adani’s expansion plans as he announced a green power unit that will construct the largest ever wind-solar hybrid in Gujarat. The massive hybrid renewable energy project will have a capacity of 20 gigawatts, roughly equal to the total installed electricity capacity of Portugal.
According to a report, the wind and solar facility will be built in the deserts of Gujarat, the home state of Prime Minister Narendra Modi and Adani, who is salvaging the Adani empire’s lost reputation by putting the Hindenburg Research’s short-seller report behind him.
Adani, who runs a conglomerate spanning energy, transport and infrastructure, said it would be the “largest hybrid renewables park in the world” and the “most complex and ambitious project” the group has executed. However, he provided few details and didn’t say when it might be completed.
“It will be the most complex and ambitious project that we have ever executed. Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy. And we intend to build it faster than any project in our execution history,” the chairman of the Adani Group said.
The company’s operational renewable energy portfolio, he said, has grown by 49% to over 8 GW and asserted it is the largest operational renewable portfolio in the country. “Our focus remains on producing the lowest cost green electron at scale – and I would like to reaffirm our target of 45 GW of renewable energy capacity by 2030,” he was quoted as saying.
He added that the group’s cashflows were getting stronger and the firm was moving at a brisk pace. “The pace at which we have made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of our expansion,” he said.
He also reaffirmed a commitment to have 45 gigawatts of green electricity capacity by the end of this decade.
Curiously, he didn’t mention any plans on hydrogen, A $50 billion hydrogen venture with French energy multinational TotalEnergies SE has been put on hold owing to pending audits of the Indian conglomerate.
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