Indian industrialist and chairman of Adani Group, Gautam Adani on Wednesday said that the Adani Group is planning to build three giga factories for manufacturing products related to renewable energy production. Gautam Adani made statements regarding the giga factories after receiving the US India Business Council Global Leadership Award presented by the US Chamber of Commerce.
Setting up giga factories will be part of the group’s ambitious plan to invest nearly 70 billion dollars in the clean energy sector by 2030.
Adani Green Energy Limited, a subsidiary company of Adani Group, is expected to be the business entity that setups and operate the giga factories. Adani Green Energy Limited headed by Vineet S Jain is one of the largest solar power producers in India with an overall capacity of more than 2900 MW.
Reports suggest that the investment in giga factories is part of the Adani Groups’ plan to become the world’s top renewable energy producer by 2030. Once the giga factories are set up and operational, it will be a huge boost for India as the country would be house to one of the world’s most integrated green energy value chains.
The three giga factories in the pipeline will witness a production of nearly all major components needed for renewable energy projects such as solar modules, wind turbines and hydrogen electrolysers.
Adani also said that the giga factories and subsequent development will result in the generation of an additional 45 GW of renewable energy. The group also plans to produce 3 million tons of hydrogen by 2030.
Green Energy push by Reliance Industries and Adani Group
Powering India’s pursuit of becoming the leader in renewable energy production are two major industrial houses, Adani and Ambani. Along with Gautam Adani, who is the richest person in Asia, Mukesh Ambani, chairman and managing director of multinational conglomerate Reliance Industries is also planning to heavily invest in the renewable energy sector.
A few days ago, while speaking to shareholders in the annual general meeting of Reliance Industries, Mukesh Ambani announced that the conglomerate will invest more than 75000 crore rupees in new energy.
Along with an increase in solar energy production, Reliance Industries also plans to speed up the building of the Solar Giga Factory in name of the founder of Reliance Industries, Dhirubhai Ambani. Dhirubhai Ambani Green Energy Giga Complex which is being set up in Jamnagar will be one of the largest integrated renewable energy manufacturing facilities in the world.
In the area of solar energy production, the industrial group plans to set up 20 GW of production capacity by 2025. There are also plans to increase production to 100 GW by 2030. The conglomerate has also been making strategic acquisitions and investments in the sector.