Adani Meets UK Prime Minister, Announces $70 Billion Commitment

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Adani Group will triple the generation of renewable power in the next four years. This is a feat that no renewable power company has been able to achieve so far

Gautam Adani, Chairman, Adani Group recently met Boris Johnson, the prime minister of United Kingdom, and announced commitment of $70 billion to energy transition via solar, wind & H2.

“Honoured to meet UK PM Boris Johnson at the #GlobalInvestmentSummit. What a platform! Inspiring leadership in synchronizing global climate action. Adani Group will commit $70bn to Energy Transition via Solar, Wind & H2. Thank you, UK Govt and Department for International Trade (DIT) for the opportunity,” read a social media post by Adani.

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He further stated that the Adani Group will triple the generation of renewable power in the next four years. This is a feat that no renewable power company has been able to achieve so far. For info, the Adani Group has been able to achieve its target of 25GW four years ahead of schedule.

“We are putting money where our mouth is,” added Adani while speaking at the UK’s Global Investment Summit at the London Science Museum. He noted “and the portfolio companies of Adani are leading the way with investment plans to honour the nation’s commitment.”

Adani, earlier, has alread announced that his conglomerate is going to invest $20 billion in the renewable energy segment, component manufacturing, and also distribution and transmission. Adani plans to invest the amount over a period of 10 years and also produce world’s most economical green electron. The announcement had come weeks after Mukesh Ambani lead Reliance industries had announced to invest Rs 75,000 crore in the energy sector.

Adani Green Energy Ltd (AGEL) has recently completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal for which definitive agreements were signed on 18 May 2021. SB Energy India has 5 GW renewable assets across four states in India through its SPVs. The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction.

“This transaction takes us closer to becoming the global leader in renewables,” Vneet S. Jaain, MD & CEO, AGEL, had said.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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