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Home Business & Corporates

Adani goes up against Mukesh Ambani, to invest $20 billion in renewable energy

Lagatar News by Lagatar News
September 21, 2021
in Business & Corporates
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Lagatar24 Desk

New Delhi, Sept.21: Billionaire Gautam Adani unveiled his infrastructure conglomerate’s green vision on Tuesday, saying his company will invest USD 20 billion in renewable energy generation and component manufacturing over the next ten years and will manufacture the world’s cheapest green electron. According to him, the port-to-energy conglomerate plans to triple its renewable power generation capacity over the next four years, venture into green hydrogen production, power all data centres with renewable energy, make its ports carbon-neutral by 2025, and invest over 75% of capital expenditure in green technologies until 2025.

The USD 20 billion investments will be in renewable energy generation, component manufacturing, transmission, and distribution, Adani Group chairman stated at the JP Morgan India Investor Summit. He said that Adani Group’s “integrated value chain, scalability, and experience puts us on the path to be the world’s least expensive green electron producer.”

The announcement came only weeks after Mukesh Ambani, India’s richest man, promised a three-year investment of Rs 75,000 crore (USD 10 billion) in clean energy and hydrogen fuel. Earlier this month, Ambani stated that hydrogen can be produced from renewable energy for $1 per kilogramme in a decade’s time.

And on Tuesday, Adani revealed his ambition, which includes a USD 20 billion investment and the cheapest green electron. He claims that no other firm in the world is constructing a renewable energy portfolio on the scale which Adani group is constructing.

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