ANIL To Lead Adani Group’s Renewable Energy Shift

Highlights :

  • The new firm makes sense as the Adani Group commits to a massive capex plan that will seek global levels of scale, costs and funding.
  • Between the Adani Group and the Reliance Group, the push from India’s largest industrial groups makes it obvious that the energy transition opportunities will be massive, and attract many large players yet.
ANIL To Lead Adani Group’s Renewable Energy Shift

The Adani Group, which already has Adani Solar for solar manufacturing, and Adani Green Energy Limited for developing renewable energy projects, has set up a new subsidiary, Adani New industries Limited, (ANIL) to undertake the next big phase of its green energy ambitions. From green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries ANIL will be the vehicle that  will lead the group’s ambition to be the world’s largest renewable energy company.

Group Chairman Gautam Adani had announced last year that the group will invest $ 70 billion in the new energy space in the course of the next decade. This was after prime Minister Modi had placed India on a commitment to net zero by 2070, and an enhanced 500 GW renewable energy target for 2030.

In its regulatory filing, the firm has specified that ANIL will undertake business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components/material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines.

ANIL will also manufacture solar modules, batteries, electrolyzers, associated upstream manufacturing as well as ancillary industries and undertake all such activities associated therewith in this regard, it added. Thus, the group seems to have maintained some boundaries between Adani Green Energy as a green energy developer, and ANIL as primarily a manufacturing arm for renewable energy. Keep in mind that AGEL does have a commitment to manufacture 2 GW of solar cells/modules as part of an 8 GW manufacturing linked tender it won.

Another key group firm, Adani Transmission Ltd (ATL), is also looking to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by FY 2023 and to 70 per cent by FY 2030.

The Adani Group has consistently surprised on the upside when it comes to its investments into, and switch towards green energy. Skeptics believed the group’s presence in thermal power and mining, including its most recent Carmichael coal mining lease in Australia which has just started shipping, would keep it from pushing hard for renewable energy. But a drop in global prices, plus a new found internal conviction seems to have put paid to most such views. Gautam Adani has also stated, without any caveat, that the group will invest the $70 billion dollars into renewable energy, and seek to be the largest player in the business in due course.

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Prasanna Singh

Prasanna has been a media professional for over 20 years. He is the Group Editor of Saur Energy International