The Adani Group has recently been awarded the prestigious ET awards for its corporate excellence and its focus on the renewable energy sector. Vneet Jaain, the MD of Adani Green Energy, has said that the recognition has further activated the determination of the conglomerate to enable accessible and affordable energy for all. The company has also made a promise that it will continue to leverage technology and come up with innovative ways of building indigenous supply chains. This will lead to sustainable growth powered by renewable energy systems.
The company operating under the Adani Group is already committed to working on various large-scale renewable energy projects across the globe. It has been working hard towards developing a fully integrated indigenous manufacturing ecosystem and green energy solution. Upon successful execution of all the projects that it is currently working on, the business group will become one of the most remarkable names in the history of the world. It will also have an impact on improving the environmental conditions.
The ET Awards is an excellent opportunity for the Adani Group to win back the faith of the people and carry on with excellent projects similar to the Adani Australia project, which involved expanding the Carmichael coal mines.
A Brief History of Adani Green Energy:
Adani Green Energy was set up in 2015. It is one of the largest renewable energy businesses worldwide. The company operates its utility-scale grid-connected renewable energy power plant. Currently, the firm’s renewable energy units are spread across 12 states. It has a total operational renewable energy capacity of 8.3 GW. Another 12.1 GW is under execution. The firm is targeting to set up to 45 GW of renewable energy capacity by the end of 2030. It also looks forward to cutting emissions and helping India reach its net-zero target pretty soon.
The company has plans to add around 3 GW of renewable energy capacity every year. That would mean around 10% of the renewable energy capacity of 500 GW that our country is currently targeting. Till now, AGEL’s operating portfolio has cumulatively offset around 41 million tons of CO2 emission, which is a big environmental initiative taken up by the Adani Group in the last fiscal year. This is another major step being taken up by the Adani Group, which will directly contribute to changing the face of the planet. It will reduce the level of pollution in the environment and will also boost our overall well-being.
The Funds Acquired by The Renewable Energy Firm for Future Projects:
During the last fiscal year, AGEL mobilised around INR 3,850 crores from the Abu Dhabi International Holding Company in the first quarter of FY23. This was done through primary equity insurance. In the fourth quarter of FY23, GQG partners, along with the funds managed by the investing firm, bought a 3.7% equity stake in AGEL. The company plans to make an additional investment of USD 22 billion. This will help meet India’s growing demand for electricity, which is currently growing at a rate of 7% per year. The Adani Group was also able to experience major profitability after the expansion of the Carmichael coal mines as a part of the Adani Australia project.
During December 2023, AGEL acquired the position of becoming the second largest global solar photovoltaic developer as per Mercom Capital Group’s latest annual global record. Adani Green Energy has recently raised USD 1.36 billion in December from a consortium of 8 international banks. This has made its total funding pool USD 3 billion since the project financing started early in March 2021.
The company will actively use the funds to develop a 17 GW renewable energy park at Khavda in Gujarat. It is supposed to be the largest renewable energy park in the entire world. The park will be so large that it can be viewed from space. It has an initial capacity of 2.2 GW. However, taking into consideration the recent investments being made by the Group, it is expected that very soon, the conglomerate is going to make some more investments in the various happenings of the project.
Conclusion:
After the operations of the Adani Australia project began in full force, the Adani Group was subjected to some criticism. However, after being awarded for corporate excellence, it was able to rise above the criticisms and make an excellent place for itself on a global scale. The business group will continue to achieve what it has always aimed for in the upcoming years.
