Adani Group will invest about ₹2.3 lakh crore through 2030 in the country’s renewable energy expansion and solar and wind manufacturing capacity addition ever as it shrugs off a short-seller attack to pursue its trademark rapid growth plans.

Adani Green Energy Ltd will invest about ₹1.5 lakh crore in expanding capacity to generate electricity from solar energy and wind power at Khavda in Gujarat's Kutch to 30 gigawatts from 2 GW currently and another ₹50,000 crore in 6-7 GW of similar projects elsewhere in the country, a top company official said.

Adani New Industries Ltd (ANIL), a unit in the group's flagship Adani Enterprises Ltd, will invest close to ₹30,000 crore in expanding solar cell and wind turbine manufacturing capacity at Mundra in Gujarat.

AGEL, which currently has an operating portfolio of 10,934 megawatts (10.93 GW), is targeting 45 GW of renewable energy capacity by 2030. 30 GW of this will come up at Khavda.

"We have just now commissioned 2,000 MW (2 GW) of capacity at Khavda and plan to add 4 GW in the current fiscal (financial year ending March 2025) and 5 GW every year thereafter," said Vneet S Jaain, Managing Director, AGEL.

“To support these plans as well as meet the requirements of other domestic renewable players and export markets, ANIL plans to expand its cell and module manufacturing facility at Mundra to 10 GW by 2026-27 from current 4 GW,” Jaain, who is also a director on the board of ANIL, said.

Crystalline silicon is turned into cells capable of converting sun rays into electric current and mounted on modules before being placed in high radiation areas such as Khavda. Electricity thus generated is wired to the transmission grid for onward movement to customers.

“Besides solar manufacturing, ANIL is also doubling capacity to make windmills that generate electricity from wind, to 5 GW in three-and-a-half years,” he said.

Adani Group, which spans from seaports to electricity generation and transmission, natural gas distribution, mining, copper production, airports, data centre and commodities business, has a capital expenditure outlay of ₹1.2 lakh crore for 2024-25 fiscal (April 2024 to March 2025).

Jaain said the 30 GW planned at Khavda would comprise 26 GW of solar and 4 GW of wind capacity.

AGEL's existing operational portfolio comprises 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.

Its current portfolio of 10,934 MW, which will power more than 5.8 million homes and avoid about 21 million tonnes of carbon dioxide emissions annually, represents around 11 per cent of the country’s installed utility-scale solar and wind capacity, contributing over 15 per cent of the nation’s utility-scale solar installations.

The renewable energy push comes as the apples-to-airport conglomerate shrugs off the impact of Hindenburg Research that in January last year published allegations that Adani companies had engaged in share price manipulation and accounting fraud.

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