Adani Group to invest $3-billion in new clean-energy business

24 Jun 2024 CW Team

The Adani Group intends to deploy Rs 250-275 billion for its inaugural pumped-storage hydropower (PSH) facility, reveal sources. PSH generates electricity by transferring water between two reservoirs at varying elevations.

Adani Green Energy Limited (AGEL) is slated to establish 5 GW of PSH capacity over the next five years, with plans to scale up to 25 GW, boosting the group's total green energy capability to 70 GW.

Initially, the group will develop PSH facilities in Maharashtra, Andhra Pradesh, Tamil Nadu, and Telangana, leveraging existing reservoirs and elevation structures already in place.

Focusing on India's clean energy sector, the Adanis seek to expand beyond their current solar and wind energy operations. With 11 GW of operational clean energy already in place and plans to reach 50 GW by 2030, the group's strategic move into PSH aims to align with India's renewable energy targets and global environmental commitments.

Financially, Adani's 3.5 GW PSH capacity has secured funding, with the initial 500 MW project in Andhra Pradesh set for commissioning in FY27. The financing structure involves equity from promoter contributions and internal accruals, supplemented by a debt facility of $3.4 billion, enhanced from $1.6 billion, backed by a consortium of 25 domestic and international banks.

The Adani Group's aggressive capex initiative in PSH places it ahead of competitors like Tata Power, NTPC, and JSW Energy, all eyeing significant investments in the PSH sector.

PSH technology, known for its ability to store surplus electricity and supply continuous power, holds promise in growing India's renewable energy portfolio and contributing to global climate goals.

(Source: Mint)

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