Adani Group to build three giga factories in green energy push | The Financial Express

Adani Group to build three giga factories in green energy push

These giga factories will “extend from polysilicon to solar modules, complete manufacturing of wind turbines and the manufacturing of hydrogen electrolysers,” he said.

Adani Group to build three giga factories in green energy push
The group aims to become the world's top renewable energy producer by this time frame.

Adani Group will build three giga factories to manufacture solar modules, wind turbines and hydrogen electrolysers, as part of a $70-billion investment in clean energy by 2030, chairman Gautam Adani said on Wednesday.

The group aims to become the world’s top renewable energy producer by this time frame.

“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,” Adani said after receiving the USIBC Global Leadership Award.

These giga factories will “extend from polysilicon to solar modules, complete manufacturing of wind turbines and the manufacturing of hydrogen electrolysers,” he said.

Also Read: ONGC’s production, reserves see steady decline, capex flat

This, he said, would generate an additional 45 GW of renewable energy to add to Adani Group’s existing 20 GW capacity, as well as 3 million tonne of hydrogen by 2030.

The announcement comes weeks after Reliance Industries chairman Mukesh Ambani announced a fifth giga factory as part of investment in low-carbon energy.

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% of the global economy.

By that year, the combined population of the two countries will be over 2 billion, with a median age of less than 40 years as compared to the current median age of 44 in Europe and 40 in China.

“When seen through these lenses of economics and the raw power of consumption, it is evident that the existing $150 billion 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.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.