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Adani vs Ambani: Gautam Adani Group to Invest USD 20 Billion in Renewable Energy – EQ Mag Pro

Adani vs Ambani: Gautam Adani Group to Invest USD 20 Billion in Renewable Energy – EQ Mag Pro

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The announcement came weeks after India’s richest man Mukesh Ambani announced an investment of Rs 75,000 crore (USD 10 billion) in clean power and hydrogen fuel over three years, PTI report says.

Adani Group’s “integrated value chain, our scale, and experience puts us on the path to be the producer of the least expensive green electron anywhere in the world,” he said.

New Delhi: Billionaire businessman Gautam Adani today said his group will invest USD 20 billion over the next 10 years in renewable energy generation and component manufacturing. Unveiling his conglomerate’s green vision, Adani claimed that his group will produce the world’s cheapest green electron.

Adani group is planning to triple its renewable power generation capacity over the next four years, foray into green hydrogen production, power all data centres with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 per cent of capital expenditure until 2025 in green technologies, the Adani Group Chairman said while speaking at JP Morgan India Investor Summit, as per a PTI report.

Adani Group’s “integrated value chain, our scale, and experience puts us on the path to be the producer of the least expensive green electron anywhere in the world,” he said.

Mukesh Ambani vs Gautam Adani

The announcement came weeks after India’s richest man Mukesh Ambani announced an investment of Rs 75,000 crore (USD 10 billion) in clean power and hydrogen fuel over three years, PTI report says.

Many have seen the June 24 announcement as the Ambani’s direct competition with the country’s second-wealthiest man, Adani who has had a strong presence in the renewables space for many years. This month, Ambani said hydrogen can be made from renewable energy at USD 1 per kilogram in a decade’s time, PTI reported.

And on Tuesday, Adani outlined his vision with an investment size of USD 20 billion and the cheapest green electron. He said no company in the world is building a renewable power portfolio on the scale the Adani group is doing, as per the PTI report.

The chairman of Adani Group has also said that his company is well on track to be the worlds largest renewable power generating company by 2030.

“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.This also opens up several new pathways for us including setting us up to be one of the largest green hydrogen producers in the world”, Adani said, as per an IANS report.

Notably, Hydrogen has no carbon emissions and can be used as fuel in industry and automobiles.

Source: india

Anand Gupta Editor - EQ Int'l Media Network