Adani Green Energy Ltd (AGEL) will be investing an estimated ₹2 lakh crore for increasing its renewable energy capacity in the next seven years, Sagar Adani, Executive Director of AGEL, said Tuesday.
The money will largely be spent to raise the renewable energy capacity from 10.9 GW (Gigawatt) to 50 GW by 2030, Adani said while addressing media persons at Adani Shantigram near Ahmedabad. Of the total 50 GW, 80 per cent will be solar, while the remaining will be wind.
“We do not need any more equity. The peak debt requirement of $6 billion in 2030, while having debt drawing lines for $6 billion,” Adani added. A significant portion of these investments are expected to be parked at Khavda in Kutch district of Gujarat, where 30 GW of solar and hybrid projects are under construction
The company also has the required bank for setting up these projects. “While we are planning 50 GW projects, we have a land bank to set up even 70 GW projects,” Amit Kumar Singh, CEO of AGEL said; the company is also looking to invest in setting up three projects of 5 GW pump storage capacity in South India to store renewable power by 2030. This includes the states of Maharashtra, Andhra Pradesh, Telangana and Tamil Nadu.
Sagar Adani said that Adani New Industries Ltd (ANIL) is also working on developing a 3 MW wind turbine generator in addition to the 5.2 MW it produces currently at its Mundra facility. “Initially the manufacturing capacity for 3 MW windmills may be 1,000 MW but may scale it up if required,” he said