Adani Takes On Ambani With $20 Bn Green Investment, Plans To Be Largest Renewable Power Firm By 2030

Adani Group is well on track to be the world's largest renewable power generating company by 2030, Gautam Adani said.

(File Photos/ Getty)

Mumbai: In the race to becoming the world's most significant renewables energy, Billionaire Gautam Adani, Asia's second-richest person, announced an investment of $20 billion on Tuesday, or just double of $10 billion by Asia's most prosperous Mukesh Ambani weeks ago.

"We will invest over $20 billion across renewable energy generation, component manufacturing, transmission & distribution over the next 10 years," said Gautam Adani, chairman, Adani Group, while addressing the JP Morgan India Investor Summit on Tuesday.

Adani Group is well on track to be the world's largest renewable power generating company by 2030, Gautam Adani, Chairman, Adani Group said.

"Today, we are already the world's largest solar power player when we account for our generating, under construction, and contracted projects. We have done this in just two years, and our Renewables Portfolio has reached our initial target of 25GW a full four years ahead of schedule. This puts us well on track to be the world's largest renewable power generating company by 2030," said Adani.

Putting money where the mouth is:

Adani Group aims to be one of the world's largest green hydrogen generators.

"Our actions clearly indicate that we are putting our money where our mouth is," said Mr. Adani adding that over 75% of our planned capex until 2025 will be in green technologies.

Currently, the green business generates 43% of EBITDA from utilities.

"We will triple our renewable power generation capacity over the next four years – from 21% now to a high of 63%. No company is building at this scale," said Mr. Adani, committing to be the first port company to achieve net-zero emissions by 2025 ahead of schedule.

Without naming Ambani, Mr. Adani said, "It's not just us. Others too, among India's strongest conglomerates, have announced significant plans in the renewable energy space. As the nation's industrial giants pool its resources together, I have very little doubt that India will continue to be a beacon of hope in the mission to build a more sustainable world. We are in a position to set an example for most major nations of the world to follow."

During Reliance Industries AGM in June, Mukesh Ambani's announced an investment of 75,000 crore Indian rupees ($10 billion) over the next three years towards renewable energy.

Mukesh Ambani, with a net worth of $91.9 billion, is Asia's most prosperous, while Gautam Adani, with a fortune of $69.1 billion, is Asia's second-richest, according to Bloomberg's billionaire index.