The Adani Group, one of the leading business conglomerates in the world, has always been deeply interested in making significant investments in India’s renewable sector. Although the business group started as a major player in the port sector, it soon began to diversify its portfolio. It is among the most relevant names in the renewable energy sector today. It is the biggest renewable energy producer in the country and one of the leading names on a global scale. Over the years, the business group has invested in numerous renewable energy projects, each leading the conglomerate to success. Despite ongoing rumours of Adani tax evasion, the company never stopped playing big in the RE sector. This has offered the global conglomerate enormous business profitability in a short while.
So, here’s a look at some of the significant steps taken by the Adani Group in further extending its hold over the renewable energy sector:
Adani Group builds the largest renewable energy park at Khavda, Gujarat
The Adani group is currently in the process of building the largest renewable energy park at Khavda in Gujarat. The power plant is going to have a hybrid portfolio. It is going to provide renewable energy from both solar and wind power. The renewable energy park is spread across 538 square kilometres of land. It is designed using highly advanced forms of technology. The park is so big that it is visible even from space. It is 5 times the size of Paris and capable of powering the entire country of Chile and Belgium.
The 30 GW of renewable energy generated from the Khavda renewable energy park will be sufficient to power 81 billion units of electricity. It will light up 16.1 million households with clean energy. This project would lead to 15,200+ green jobs and reduce 58 million tons of CO2 emissions. The green energy project also included:
- The construction of a 100km road.
- 50 km of drainage.
- The establishment of 3 reverse osmosis plants to produce clean drinking water.
AGEL signs 20-year deal with the Sri Lankan Government for two wind power plants
AGEL has recently secured a 20-year deal for two wind power projects in Sri Lanka. This is a big step taken by the international renewable energy sector business group. Adani Green Energy plans to invest 442 million USD in this power plant, which will have a combined capacity of 484 MW. The power stations will be located in Mannar town and Pooneryn village, both in the northern province of Sri Lanka.
Sri Lanka has agreed to purchase power from the Adani Group at a low compensation rate of 8.26 cents per kilowatt-hour. The Adani Group took this initiative to offer energy security to Sri Lanka. The people of Sri Lanka will no longer have to suffer from massive energy scarcity, which deprives them of a healthy lifestyle. It will trigger industrial activities in the country, allowing the people to lead their lives much better. Upon successful completion of the project, the Adani Group will also be able to rise above the controversies of Adani tax evasion.
Adani Group secures funding worth 400 million USD from international banks for its RE projects
The Adani Group recently secured 400 million USD in funding from five global banks for its various power projects. The funding will mainly be used for its 750 MW power projects in Gujarat and Rajasthan. The funding was received from a consortium of five major international banks, including Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation.
The solar projects include a 500 MW project to be constructed in Rajasthan, which has a long-term PPA with Solar Energy Corporation of India. They also include a 250 MW capacity standalone merchant power project to be developed at the RE cluster at Khavda in Gujarat. With the construction of these power plants, the Adani Group’s renewable energy capacity will increase. The areas of Rajasthan and Gujarat will no longer have to suffer from major power scarcity.
Conclusion
In this way, even after facing multiple allegations of Adani tax evasion, the Adani Group never stopped from achieving its goal of bringing about a renewable energy transition worldwide. Because of the conglomerate’s constant efforts, we are also much closer to fulfilling our sustainability goals.