In a major development towards sustainable energy endeavors, Ambuja Cements Ltd., under the stewardship of billionaire Gautam Adani, has announced a substantial investment of 60 billion rupees ($723 million) in establishing 1,000 megawatts of renewable power projects. This initiative marks a pivotal move by the Indian conglomerate to swiftly progress towards achieving its net-zero objectives.
The Mumbai-based cement giant, acquired by the Adani Group from Holcim Ltd. last year, disclosed plans to finance this significant investment through internal accruals, as detailed in an exchange filing on Monday. Ambuja aims to augment its usage of green energy to power 60% of its projected annual capacity of 140 million tons, a substantial increase from its current utilization of 19%.
Outlined in the filing are the forthcoming projects, including a 600 MW solar power plant and a 150 MW wind power facility in Gujarat, along with a 250 MW solar installation in neighboring Rajasthan, all slated for completion by March 2026. These additions will supplement Ambuja Cements' existing green energy capacity of 84 MW. Notably, the initiative aims to slash the cost of green energy generation by 20%, reducing it from 6.46 rupees per kilowatt-hour to 5.16 rupees per kWh, while concurrently boosting the supply of green cement.
Gautam Adani's sprawling conglomerate, spearheaded by Asia's second-wealthiest individual, has charted plans to channel $100 billion into their green energy transition within the upcoming decade. This monumental commitment aligns with the ambition of five Adani Group entities to achieve net-zero emissions by 2050. Noteworthy is the parallel trajectory of Adani and another Indian billionaire, Mukesh Ambani, who initially built their fortunes in the fossil fuel sector but have since emerged as stalwarts championing renewable energy. Their endeavors bolster Prime Minister Narendra Modi's national objective of decarbonizing India and steering it towards carbon neutrality by 2070.
Apart from Ambuja Cements, several other group entities, namely Adani Green Energy Ltd., Adani Energy Solutions Ltd., Adani Ports & Special Economic Zone Ltd., and ACC Ltd., have embraced a 2050 target for achieving carbon neutrality, as articulated in a statement released by the conglomerate last week. The statement highlights the proactive stance of these businesses in sourcing renewables, electrifying operations, adopting biofuels, and implementing waste heat recovery and energy storage technologies, all geared toward accelerating the transition towards sustainable practices.
Adani Group Pledges Massive Investment of Rs. 8,700 Cr in Bihar, Promising 10,000 Jobs
