Adani Group Floats Separate Company for Renewable Energy
Adani group, which normally incubates new businesses and ideas in under Adani Enterprises, has decided to float a separate company for its renewable energy initiatives in India and abroad. The new company will be called Adani New Energy Ltd (ANIL).
The new company will undertake green hydrogen projects and also generate low carbon electricity. In addition, the company will also be involved in the manufacture of wind turbines and solar modules.
Like the Reliance group, the Adani Group is also in the race for becoming the most important new energy company in India. While the Reliance group has committed $10 billion over the next 3 years, the Adani group has committed investments of $70 billion over the next 10 years.
Adani’s green initiatives are spread across the group and companies like Adani Enterprises, Adani Power and Adani Transmission have already made a mark in reducing the carbon footprint in a big way.
ANIL will be involved in the green product manufacturing and in green services. On the products side, the company will manufacture solar modules, batteries, Electrolyzers and other products as well as ancillary products for green energy.
On the services side, the company would get into generation of green hydrogen, connected downstream activities, electricity generation, wind turbines etc. The total investment of $70 billion will be spread across the various companies in the group.
Check - Adani Group Outlines $70 billion Green Energy Plan
Adani Green Energy already has emerged as the largest solar power generator in the world and the company is targeting to become a generator of 45 gigawatts of renewable energy by the year 2030. Out of the total outlay, AGEL itself will invest close to $20 billion.
Adani wants to combine its size, its market cap clout and its renewable plans to become the key driver of the new energy business in India. India already has an aggressive plan to make renewables 50% of the overall energy mix by the year 2030 as confirmed by the Prime Minister himself.
These aggressive plans of Adani group will go a long way in achieving such an aggressive vision for India. Interestingly, Reliance has also embarked on a very aggressive inorganic expansion plan with a slew of green energy acquisitions in the last few months. Adani is yet to roll out its green plans in a big way.
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