Adani Group sets up subsidiary to produce green hydrogen

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Adani Group sets up subsidiary to produce green hydrogen

Billionaire Gautam Adani's logistics-to-energy conglomerate has set up a new subsidiary, ANIL, to undertake green hydrogen projects, generate low carbon electricity and make wind turbines, solar modules and batteries, as it hopes to become the world's largest renewable energy company and produce the cheapest hydrogen. The company has a wholly owned subsidiary, Adani New Industries Ltd ANIL its flagship Adani Enterprises Ltd, according to a regulatory filing.

ANIL will be involved in the development and operation of projects for the synthesis of low carbon fuels and chemicals, the generation of low carbon electricity and the manufacture of key components material for projects including generation of green hydrogen, related downstream products, electricity generation, and the manufacture of wind turbines.

ANIL will also make solar modules, batteries, electrolyzers, associated upstream manufacturing and ancillary industries, and will undertake all of the activities associated therewith in this regard, it added.

The group companies have already set out ambitious plans. Adani Green Energy Ltd AGEL, the world's largest solar power developer, will invest USD 20 billion to develop a 2 GW per year solar manufacturing capacity by the year 2022 -- 23 and target 45 gigawatts of renewable energy capacity by 2030.

Adani Transmission Ltd, ATL India's largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from current 3 per cent to 30 per cent by FY 2023 and 70 per cent by FY 2030.

Adani Group founder-chairman stated at an event on November 11, 2021 that the group is working to make renewable a viable, affordable alternative to fossil fuels.

We will be the world's largest renewable energy company by 2030 without any caveat - and we have committed USD 70 billion over the next decade to make this happen. Adani said that there was no other company that has made such a large bet on developing its sustainability infrastructure.

Adani Group is the world's largest solar power developer.

He said that because of the plans to produce hydrogen, we believe that the combination of renewable capacity and the size of our investment makes us the leader among all global companies in the effort to produce cheap green electricity and green hydrogen.

Adani Enterprises said in the regulatory filing that ANIL will begin its business operations in due course. Prime Minister Narendra Modi announced at COP 26 in Glasgow that India has a goal year to reach zero carbon emissions by the year 2070.

India has announced a number of other ambitious climate targets for 2030: increasing the share of renewables in the country's energy mix to 50 per cent, increasing the installed capacity of non-fossil energy from 450 to 500 GW and reducing carbon intensity of the economy by 45 per cent, as opposed to the previous goal of 33 -- 35 per cent.

Mukesh Ambani, the richest Indian, and Adani have announced ambitious plans.

Ambani said on June 24th, 2021 he spoke to Reliance Industries shareholders that his oil-to-Telecom conglomerate will invest 60,000 crore to set up four giga factories that will produce and integrate all the critical components of the new energy ecosystem.