As part of a $70 billion investment in clean energy by 2030, the Adani Group will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers. The group, led by Asia’s richest man and Chairman of the ports-to-power bellwether, Gautam Adani, aims to become the world’s top renewable energy producer by 2030.
“The Adani Group has already committed $70 billion (for climate change and green energy). This will see us building three giga factories in India leading to one of the world’s most integrated green-energy value chains,” he said after receiving the USIBC Global Leadership Award in Delhi. Adani further explained that through these giga factories, an additional 45GW of renewable energy apart from the existing 20 GW capacity and three million tons of hydrogen will be generated before 2030.
The announcement comes weeks after rival billionaire Mukesh Ambani announced a fifth giga factory as part of an investment in low carbon energy.
The new giga factory for power electronics will be in addition to four giga factories announced last year for making integrated solar PV modules that will produce electricity from sunlight, electrolyzers that produce hydrogen from water, fuel cells and batteries to store energy from the grid as well as 20 GW solar energy capacity by 2025 for captive needs.
Listing out imperatives for US-India engagement, Adani said the combined value of the GDP of the two nations in 2050 is expected to be a staggering $70 trillion dollars or 35-40 per cent of the global economy. He underscored, “With the signing of the US climate bill into law, both our nations must find a mechanism to benefit from this massive stimulus. The governments have done their part, it’s now the job of the businesses to find a way to collaborate.”
“When seen through these lenses of economics and the raw power of consumption it is evident that the existing 150 billion dollars of bilateral trade between the US and India is no more than a speck in the ocean. Far more needs to be done,” he said.