- AGEL aims to invest $20 billion to install 45 GW renewable energy capacity by 2030
- It will also develop a 2 GW per year solar manufacturing capacity by FY 2022-23
- ATL will increase the share of renewable energy procurement from the current 3% to 30% by FY 2023 and to 70% by FY 2030
Indian renewable energy company Adani Green Energy Ltd (AGEL) aims to invest $20 billion by 2030 to increase its renewable energy capacity to 45 GW by 2030, and also develop a 2 GW per year solar manufacturing capacity by FY 2022-23, as its Energy Compact Goals as part of COP26.
At the end of September 2021, AGEL had 5.4 GW of operational solar power capacity. Overall, its total renewable energy portfolio has reached 19.8 GW of operational, under construction, awarded and acquired assets. The company already has the ambition of reaching 25 GW operational capacity by 2025.
AGEL added that it would achieve the targeted 45 GW with an average tariff below the average power purchase cost (APPC) at the national level.
As par of its Energy Compact Goals, another Adani Group entity Adani Transmission Ltd (ATL) said it remains on track to increase the share of renewable power procurement from the current 3% to 30% by FY 2023 and to 70% by FY 2030 through its utility subsidiary in Mumbai.
“Both AGEL and ATL have centered their business strategy around the achievement of SDGs across all their activities, with SDG 7 as the cornerstone,” stated Adani. “AGEL’s and ATL’s commitment will also support the targets taken by the Government of India and its commitment to the UN Energy Compact.”