"AGEL Commits $5 Billion Investment to Ramp Up Renewable Energy Capacity in Khavda by 2026"

Adani Green Energy (AGEL) is poised to inject approximately ₹41,400 crore, equivalent to $5 billion, into expanding the solar and wind power capacities at its flagship renewable energy (RE) park in Gujarat by 2026.

The renewable energy arm of the Adani Group, known for its diverse ventures from mining to energy, is on track to establish the world’s largest RE plant with a staggering 30 gigawatts (GW) of renewables capacity by 2030 near Khavda village in the Kutch district.

In a recent milestone, AGEL secured its position as India’s foremost company in the renewables sector by surpassing the 10 GW mark, boasting an operational portfolio of 10.93 GW. With ambitions set sky-high, the company aims to reach a capacity of 45 GW by the end of this decade.

The latest expansion initiative is slated to elevate the capacity of the Khavda project, currently spanning an area roughly equivalent to the size of Mumbai or five times that of Paris, to 11 GW within the next two years, up from the present 2 GW.

Vneet Jaain, Managing Director of AGEL, shared insights with the media, outlining the strategic trajectory. “In FY25, we are planning to deploy 4 GW at Khavda. We have already completed 2 GW. So, we will have 6 GW by March 2025. Then every year we have a plan of setting up a minimum 5 GW,” he stated.

Addressing inquiries regarding investments, Jaain revealed that the total investment earmarked for Khavda stands at approximately ₹1.5 lakh crore. He further elaborated on the financing structure, indicating a comprehensive roadmap in place encompassing internal accruals, equity requirements, financial closures, and debt mechanisms, meticulously strategized up to 2030.

Of the total investment, ₹26,000 crore will be directed towards wind power for establishing 4 GW, while a substantial ₹1.17 lakh crore will be allocated for setting up 26 GW of solar capacities.

AGEL's plans align with its broader vision of establishing a comprehensive RE manufacturing ecosystem spanning wind, solar, electrolyser, and associated equipment at Mundra in Gujarat.

Jaain, who also serves as a Director at Adani New Industries (ANIL), a subsidiary of Adani Enterprises (AEL), revealed expansion plans for manufacturing capacities until 2027. “Ultimate aim is to go for a minimum of 5 GW in wind and 10 GW for solar with a complete manufacturing ecosystem,” he affirmed.

HBL