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Adani plans to spend $70 billion over next decade on clean energy

September 27, 2022

Nikkei Asia ($):

India's Adani Group will invest more than $100 billion in the next decade, its high-profile chairman said on Tuesday, as the already-sprawling conglomerate ramps up its push for more growth.

Gautam Adani, one of the world's richest people, said that around $70 billion of that would be spent on the group's green energy business -- expenditure that had been largely flagged before.

"As a group, we will invest over $100 billion of capital in the next decade," Adani told a Forbes conference in Singapore. "We have earmarked 70% of this investment for the energy transition space. We are already the world's largest solar player, and we intend to do far more."

The group's aggressive drive into green energy is in line with the Indian government's ambitions to drastically cut the nation's dependence on fossil fuels.

The chairman said the group wanted to be an inexpensive producer of green hydrogen, which is extracted from water in a process powered by renewable energy. It also expects to build three huge factories to manufacture items including solar modules and wind turbines, as well as constructing green data centers.

[Sayan Chakraborty]

More: India's Adani Group plans to invest over $100bn in next decade

 

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