The billionaire Gautam Adani’s logistics-to-energy conglomerate has launched a new subsidiary called ANIL to become the world’s largest renewable energy firm and work on the Green Hydrogen Project. It will help with green hydrogen projects, low-carbon power generation, and the production of wind turbines, solar modules, and batteries.
In November of last year (2021), Adani announced that his company would invest $ 70 billion(USD) in the next decade’s new energy domain.
And now the company has incorporated a wholly-owned subsidiary, Adani New Industries Ltd (ANIL), its flagship Adani Enterprises Ltd said in a regulatory filing.
According to the Adani Group, Adani New Industries Ltd (ANIL) will develop and operate projects for the synthesis of low-carbon fuels and chemicals, the generation of low-carbon electricity. Besides it, the subsidiary will also be the manufacturing of key components/materials for projects such as green hydrogen generation, related downstream products, electricity generation, and wind turbine manufacturing.
This new subsidiary will also manufacture solar modules, batteries, electrolyzers, upstream manufacturing, and ancillary industries, & all operations related to it.
Companies in the group have already devised ambitious ambitions. Adani Green Energy Ltd (AGEL), the world’s largest solar power developer, plans to build 45 gigawatts of renewable energy capacity by 2030, investing USD 20 billion to build a 2 GW per year solar manufacturing capacity by 2022-23.
Adani Transmission Ltd (ATL), India’s largest private sector power transmission and retail distribution company want to boost renewable electricity acquisition from 3% to 30% by FY 2023 and 70% by FY 2030. The founder-chairman of Adani Group, Mr. Gautam Adani speaking at an event on November 11, 2021, said, “The company is aiming to make renewable energy a viable and inexpensive alternative to fossil fuels. We expect to be the world’s largest renewable energy firm without qualification by 2030, and we’ve set aside USD 70 billion over the next decade to achieve this goal. No other company has yet made such a significant investment in creating its sustainability infrastructure.”
Adani Group is already the largest solar power developer in the world. “As a result, we feel that the combination of our renewable capacity and the amount of our investment positions us as the global leader in the fight to produce inexpensive green electricity and green hydrogen,” he said, without elaborating on the hydrogen plans. “ANIL will launch its business operations in due course,” Adani Enterprises stated in a regulatory statement. Prime Minister Narendra Modi set 2070 as India’s target year for achieving net-zero carbon emissions during COP 26 in Glasgow.
India also announced a slew of other, more ambitious, climate targets for 2030:
• Increasing the share of renewables in the country’s energy mix to 50%.
• Expanding installed capacity of non-fossil energy from 450 to 500 GW.
• Reducing the carbon intensity of the economy by 45%.( as opposed to the previous goal of 33-35%)
In a letter to Reliance Industries shareholders on June 24, 2021, Ambani stated that his oil-to-telecom conglomerate will invest Rs 60,000 crore to build four mega plants that will “produce and fully integrate all important components of the new energy ecosystem.”
Following that, his company conducted a spate of acquisitions to gain the technology and capability to produce green hydrogen, solar modules, and batteries.
Resource: Mercom India
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