The Indian renewable company Adani Green Energy Ltd (AGEL) has announced that it would invest US$20bn by 2030 in renewable energy development, setting a target of 45 GW of renewable capacity by 2030 and planning to develop a 2 GW/year solar manufacturing capacity by the end of fiscal year 2022-2023 (i.e., by March 2023). It also aims at producing the cheapest hydrogen worldwide. Overall, AGEL's investments in renewables and hydrogen could total US$70bn by 2030. Meanwhile, its sister company Adani Transmission Limited (ATL) plans to raise the share of renewable power procurement from the current 3% to 30% by the end of FY 2023 and to 70% by FY 2030.
In October 2021, AGEL completed the acquisition of a 100% stake in SB Energy India from SoftBank Group (SBG, 80%) and Bharti Group (20%) for around INR260bn (US$3.5bn). SB Energy India has a total renewable portfolio of 4,954 MW across four states in India, including 4,180 MW of solar capacity (of which 1,400 MW is operational), 450 MW of hybrid wind-solar capacity and 324 MW of wind capacity under construction. With this acquisition, AGEL raised its operational renewable capacity to 5.4 GW and will reach 19.8 GW of total capacity.
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