The announcement has come weeks after Mukesh Ambani lead Reliance industries had announced to invest Rs 75,000 crore in the energy sector
Gautam Adani has 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.
Adani made the announcements while addressing an investor summit. It is wroth mentioning here that the Adani Group has been active in the renewable sector for many years now. The announcement has come weeks after Mukesh Ambani lead Reliance industries had announced to invest Rs 75,000 crore in the energy sector.
Reliance has already started working on an integrated solar photovoltaic module factory, an energy storage battery factory, an electrolyser factory and a fuel-cell factory for converting hydrogen into motive and stationary power.
Adani Green Energy Ltd (AGEL) had recently announced that it had raised $750 million through Green Bonds sale. The company recently made several acquisitions, including buying Japan’s SoftBank Group Corp. and Bharti Enterprises Ltd-owned solar power producer SB Energy India for an enterprise value of $3.5 billion. SB Energy India has a total renewable portfolio of 4.954 gigawatts (GW) spread across four states in India.