April 4, 2017 Read More →

Adani, a Champion for Coal, Turns to Solar in Australia

The Financial Times:

Adani Enterprises, which wants to build one of the world’s biggest coal mines in Australia, plans to invest A$2bn-A$3bn in solar power plants in the country over five years as it further diversifies its business beyond India.

Jennifer Purdie, chief executive of Adani Australia Renewables, said the company had secured agreements to build two solar farms, each with capacity of 100-200 megawatts in Queensland and South Australia. She said Adani was seeking new sites to expand its projects to a combined capacity of 1,500MW by 2022.

“If we can achieve our 1,500MW target, A$2bn-A$3bn is the order of what we would have to invest to do it,” said Ms Purdie. “It’s not tokenism, it’s a serious investment.”

The push into green energy in Australia comes as Adani, a conglomerate with ports, mines and energy interests, prepares to make a final investment decision on its controversial US$16.5bn Carmichael coal mine in Queensland. Adani’s board is due to meet later this month or early May to sign off on the investment, which environmental campaigners warn will generate substantial greenhouse gas emissions.

“The Carmichael mine cannot be financed without public subsidies and it is farcical that the coal industry, which has been around for 100 years, is seeking subsidies from the taxpayer,” said Tim Buckley, an analyst at the Institute for Energy Economics and Financial Analysis.

Adani bets on Australian solar as coal battle looms

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