Adani Group to invest $100B in new energy, data centres
Ports-to-energy conglomerate Adani Group will add 45 gigawatts of hybrid renewable power generation capacity and build three giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.
Adani Group will invest $100 billion over the next decade, primarily in new energy and digital space that includes data centres, Chairman Gautam Adani said on Tuesday, as the group bets big on India growth story.
As much as 70% of this investment will be in the energy transition space, said Adani, the world's second richest person.
The ports-to-energy conglomerate will add 45 gigawatts of hybrid renewable power generation capacity and build three giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.
"As a group, we will invest over $100 billion of capital in the next decade. We have earmarked 70% of this investment for the energy transition space," Adani said, at the Forbes Global CEO conference in Singapore.
Gautam Adani, Chairman of the Adani Group
Starting off with a modest commodities business in 1988, the 60-year-old tycoon recently surpassed Jeff Bezos of Amazon, French business magnate Bernard Arnault, and American businessman Bill Gates to become the world's second-wealthiest person with a fortune of $143 billion.
With interests spanning sea ports, airports, green energy, cement, and data centres, the combined market capitalisation of the group's listed companies is $260 billion.
The group is already the world's largest solar player.
"In addition to our existing 20 GW renewables portfolio, the new business will be augmented by another 45 GW of hybrid renewable power generation spread over 100,000 hectares of land - an area 1.4 times that of Singapore. This will lead to commercialisation of three million metric tonnes of green hydrogen," Gautam Adani said.
It will also build three giga factories - one for a 10 GW silicon-based photovoltaic value-chain that will be backward-integrated from raw silicon to solar panels, a 10 GW integrated wind-turbine manufacturing facility, and a 5 GW hydrogen electrolyser factory.
"Today, we can confidently state that we have a line of sight to first become one of the least expensive producers of the green electron, and thereafter the least expensive producer of green hydrogen," Gautam Adani said.
The digital space seeks to benefit from the energy transition adjacency, he said.
"The Indian data centre market is witnessing explosive growth. This sector consumes more energy than any other industry in the world and therefore our move to build green data centres is a game-changing differentiator."
Edited by Teja Lele