Inside India's Second Richest Man's Massive Green Bet: Gautam Adani's AGEL To Invest ₹1.5 Lakh Cr In Largest Renewable Energy Park, Almost Five Times The Size Of Paris

Adani Green Energy Limited (AGEL), a part of the Adani Group, is set to invest a massive sum of ₹1.5 lakh crore ($18 billion) in a renewable energy park in Khavda, Gujarat, India. The park will be the largest of its kind in the country.

What Happened: The park, situated in a remote area near the Pakistan border, will cover an area five times the size of Paris. It will have the capacity to generate 30 gigawatts of clean electricity, reported Business Today.

AGEL has already commissioned 2 gigawatts of capacity at Khavda and plans to add 4 gigawatts in the current fiscal year, ending March 2025, and 5 gigawatts annually thereafter.

“We have just now commissioned 2,000 MW (2 GW) of capacity at Khavda and plan to add 4 GW in the current fiscal (financial year ending March 2025) and 5 GW every year thereafter,” Managing Director Vneet Jaain said.

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Despite the challenging conditions, including heavy dust storms, lack of communication and transport infrastructure, and the area being a restricted zone, AGEL is determined to make the project a success. The park will be entirely covered with waterless robotic module cleaning systems, and the land has been leased from the government for 40 years.

Why It Matters: India’s second richest man Gautam Adani-led Group’s renewable energy plans are the most ambitious by any company in India. The country aims to generate 500 gigawatts of electricity from non-fossil sources by 2030, as part of a broader plan to achieve net-zero emissions by 2070.

This move is in line with the Adani Group’s broader strategy to expand its renewable energy portfolio. Recently, Gautam Adani, the chairman of the Adani Group, met with the Australian High Commissioner to India to discuss potential collaborations in the areas of renewables, critical minerals, and rooftop solar.

Moreover, the Adani Group’s renewable energy plans are also significant in the context of the recent collaboration between rival billionaires Mukesh Ambani and Gautam Adani.

After RIL picked up a 26% stake in Adani Power subsidiary, Mahan Energen, a Reliance Industries spokesperson emphasized that it was a commercial transaction and urged people to “not read anything more” into it.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo by Gonzalo Lanzilotta for Benzinga

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