‘Cheapest Hydrogen On Earth,’ Adani To Invest $70 Billion

Story Highlights
  • Billionaire Gautam Adani to invest $70 billion to produce the cheapest hydrogen on Earth.
  • AGEL targeting 45 gigawatts of renewable energy capacity by 2030.
  • Adani Group making major investments in digital infrastructure.

New Delhi: Gautam Adani, a billionaire, announced on Thursday that his logistics-to-energy conglomerate will invest $70 billion over the next decade to become the world’s largest renewable energy firm and to manufacture the world’s cheapest hydrogen. Adani Green Energy Ltd (AGEL), the world’s largest solar power developer, plans to build 45 gigawatts of renewable energy capacity by 2030, investing USD 20 billion to build a 2 GW per year solar manufacturing capacity by 2022-23.

Adani Transmission Ltd (ATL), India’s largest private sector power transmission and retail distribution firm, wants to boost renewable electricity acquisition from 3% to 30% by FY 2023 and 70% by FY 2030. The founder-chairman of the Adani Group stated that the company is trying to make renewable energy a viable and inexpensive alternative to fossil fuels. He called green hydrogen, created from renewable energy, a “wonder fuel” and “miracle feedstock,” claiming that India’s exponential rise in renewables, along with its ability to manufacture green hydrogen at a low cost, may turn the country into a net exporter of green energy. He said, “From an Adani perspective, we are very strongly positioned to produce the world’s least expensive hydrogen, which is expected to be an energy source plus feedstock for various industries that we intend to play in.”

 The Adani Group is also investing heavily in digital infrastructure. Access to information, real-time data, and energy efficiency are dramatically improved by data centres, cloud computing, and artificial intelligence.

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