Adani to spend $100 billion on green transition and data centers
India’s Adani Group has announced a US$100 billion investment plan for green energy and data center value chain expansion, aligning with Indian government initiatives amid increased competition with Reliance Industries.
According The economic period and Nikkei AsiaGautam Adani, Asia’s richest man and chairman of the Adani Group, told a Forbes Global CEO Conference in Singapore that the group will invest more than $100 billion over the next decade, including 70% will go to the energy transition.
The Adani Group, which Adani claims to be the largest solar player in the world, wants to build a green energy value chain that includes solar and wind power, green hydrogen and data centers. According to Adani, in addition to an existing 20 GW renewable portfolio, the group will add an additional 45 GW of hybrid renewable power generation spread over 100,000 hectares of land and build three Giga plants, including a photovoltaic value chain based on 10 GW silicon, a 10 GW wind turbine. turbine manufacturing plant and a 5 GW hydrogen electrolyser plant.
Adani is betting the data center business will benefit from its green power expansion. Adani said India’s data center market, which consumes more energy than any other industry, is experiencing explosive growth and the group’s decision to build green data centers is a game-changing differentiator. The company also plans to interconnect data centers through a series of globally bonded, terrestrial undersea cables drawn across its ports and build awesome consumer apps.
According PTICBRE said in a report that India’s data center market, which has seen $14 billion in investment over the past five years, will see a cumulative funding of $20 billion by 2025.
In February, India announced a green hydrogen/ammonia policy, giving manufacturers easier access to grid and renewable energy to reach five million tonnes of green hydrogen by 2030. In addition, India has launched incentive policies to encourage investment in fuel cell vehicles and high-efficiency solar modules.
Meanwhile, Asia’s two richest men, Adani and Reliance Industries Chairman Mukesh Ambani are treading the same ground as Adani expands beyond natural resources and infrastructure and into services digital, telecommunications, media and retail, Bloomberg reports.
Reliance and Adani both participated in the 5G auction held in August and are building their awesome consumer apps. Ahead of Adani’s US$100 billion investment plan, Reliance had announced INR 750 billion (US$90 billion) to build four giga-scale green power plants in July 2021.