GAUTAM Adani has touted plans to build a massive hybrid renewable energy project as he tries to put the controversy over Hindenburg Research’s short-seller report behind him.
The wind and solar facility would be built in the deserts of Gujarat, the home state of Adani and Prime Minister Narendra Modi, the Indian tycoon said in a speech at Adani Enterprises’ annual meeting on Tuesday (Jul 18). It would have a capacity of 20 gigawatts, roughly equal to the total installed electricity capacity of Portugal.
Adani, who runs a conglomerate spanning energy, transport and infrastructure, said it would be the “largest hybrid renewables park in the world” and the “most complex and ambitious project” the group has executed. However, he provided few details and didn’t say when it might be completed.
It’s not the first time his group has talked about the Khavda renewables project in the deserts of Gujarat. It was mentioned by Adani Green Energy in a presentation in May.
The Indian billionaire came out swinging in his speech to shareholders, describing Hindenburg’s allegations of corporate fraud at his companies in January as “malicious” and as “false narratives.” His reputation took a major hit following the report and Barclays, his go-to bank for many years, is scrutinizing its ties to Adani.
The tycoon reaffirmed his group’s commitment to have 45 gigawatts of green electricity capacity by the end of this decade. He didn’t mention any plans on hydrogen, however. A US$50 billion hydrogen venture with TotalEnergies has been stalled since the French energy major put it on hold in February pending audits of the Indian conglomerate.
Source: Bloomberg
