India’s Adani Group will invest ₹150,000 crore (US$20 billion) in renewable energy over the next 10 years to power data centres, turn ports into net carbon zero and develop green hydrogen production.
The cash commitment was announced by billionaire and chairman Gautam Adani during a JPMorgan India investor summit and once fully used will have tripled Adani’s renewable power generation capacity over the next four years from today’s 21% to 63%.
The capital will be used for renewable energy generation as well as component manufacturing, transmission and distribution with the aim to produce the world’s cheapest green electron.
Adani said: “Our integrated value chain, our scale, and experience puts us on the path to be the producer of the least expensive green electron anywhere in the world.
“This also opens up several new pathways for us including setting us up to be one of the largest green hydrogen producers in the world.”
He continued to add: “Today, we are already the world’s largest solar power player when we account for our generating, under construction, and contracted projects.
“We have done this in just two years and our renewables portfolio has reached our initial target of 25 Gigawatts a full four years ahead of schedule. This puts us well on track to be the world’s largest renewable power generating company by 2030.”
Adani Group’s data centre play began last February when the company’s subsidiary Adani Enterprises (NSE: ADANIENT) entered a 50:50 joint venture (JV) with global data centre operator EdgeConneX.
The AdaniConneX JV will focus on building a network of hyperscale sites starting with the Chennai, Navi Mumbai, Noida, Vizag and Hyderabad markets. Development and construction at these sites have already begun.
Adani’s $20 billion green energy announcement came just weeks after India’s richest man Mukesh Ambani committed ₹75,000 crore ($10 billion) into clean power and hydrogen fuel over three years.