Adani Power Limited has raised its long-term installed capacity target to 41.87 gigawatts by FY32 and committed capital expenditure of around Rs 2 trillion, marking one of the most aggressive private-sector expansion plans in India’s thermal power industry. The revised target represents a sharp increase from the company’s earlier plan to reach 30.67 gigawatts by FY30, reflecting confidence in sustained growth in electricity demand. The company currently operates 18.15 gigawatts of generation capacity, implying an additional pipeline of 23.72 gigawatts. According to sources, the entire expansion pipeline is fully secured, with land already in possession and key equipment orders placed. The committed capex of about Rs 2 trillion through FY32 is said to be the largest by a private-sector thermal power producer in the country. Adani Power has accelerated its growth strategy as India enters a prolonged phase of rising power demand driven by industrial expansion, urbanisation and higher consumption. While renewable energy capacity is expanding rapidly, thermal power continues to play a critical role in providing baseload supply and supporting grid stability. Industry estimates suggest India’s peak power demand could rise from around 250 gigawatts currently to about 400 gigawatts by 2031–32, and exceed 700 gigawatts by 2047. Against this backdrop, the government has set a target of adding 100 gigawatts of new thermal capacity by 2035. During calendar year 2025, Adani Power increased its installed capacity from 17.55 gigawatts to 18.15 gigawatts, including the acquisition of Vidarbha Industries Power Limited, which operates a 2x300 megawatt plant near Nagpur. The company has also secured competitive power supply contracts across Uttar Pradesh, Bihar, Madhya Pradesh and Assam, and announced multiple ultra-supercritical greenfield projects. Key projects unveiled in 2025 include a 1,500 megawatt project in Uttar Pradesh with an investment of about $2 billion, a 2,274 megawatt project in Bihar involving an estimated $3 billion investment, a 1,600 megawatt ultra-supercritical project in Madhya Pradesh with an outlay of around Rs 210 billion, and a 3,200 megawatt greenfield project in Assam with an investment of approximately Rs 480 billion. Beyond thermal power, Adani Power has entered the hydropower segment through an agreement with Bhutan’s Druk Green Power Corporation for the 570 megawatt Wangchhu hydroelectric project. On fuel security, the company has received approval to operationalise the Dhirauli captive coal mine in Singrauli, Madhya Pradesh, which has a peak production capacity of 6.5 million tonnes per annum and geological reserves of about 558 million tonnes. The company said its ongoing and planned projects are expected to generate significant employment during both construction and operational phases, alongside skill development initiatives in project regions. Looking ahead, Adani Power’s priorities for 2026 include accelerating construction across new thermal projects, ramping up captive coal mining, expanding hydropower partnerships and increasing digitalisation to enhance operational efficiency and reliability, as it works towards achieving its FY32 capacity target.