‘Never Slowed or Stopped Investing, $70 Billion to Turn India Into Clean Energy Exporter,’ says Adani

Gautam Adani said his ports-to-energy conglomerate never slowed or stopped investing in the country as the group’s success is based on its alignment with the India growth story.

Speaking at the annual shareholder meeting of the group companies, he said the previously announced USD 70 billion investment in new energy business will help turn India from being a net importer of oil and gas to an exporter of clean energy.

“Never have we walked away from investing in India, never have we slowed our investments,” he said. “We believe our scale, our diversified business, and our track record of performance positions us very strongly to continue to perform well in a variety of market conditions.” The success of the Adani Group, he said, is based on its alignment with the India growth story.

“The best evidence which showcased our confidence and belief in the future – is our investment of USD 70 billion in facilitating India’s green transition,” Adani, the chairman of the group, said.

Adani Green Energy Ltd (AGEL), one of the world’s largest solar power developers, is targeting 45 gigawatts of renewable energy capacity by 2030 and will invest USD 20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23.

The group will invest the rest of the money in creating manufacturing facilities to produce green hydrogen.

“Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future,” he said. “We are leading the race to turn India from a country over-reliant on import of oil and gas, to a country that might one day become a net exporter of clean energy. A transformation which will help reshape India’s energy footprint in an extraordinary way.” Adani said the group continues to grow as “builders of India’s infrastructure”, winning large road contracts and expanding business ranging from ports and logistics to power transmission and distribution and city gas utility.

The group now holds a major global renewable energies portfolio.