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Two units of Adani Group backed by Gulf investors are committing a combined INR 630 bn (USD 7.1 bn) to green energy projects in the northeastern state of Assam, Hindu Businessline reports.
What they’re building: The Assam government has issued letters of award to both companies. Adani Power (APL) will set up a 3.2 GW ultra-supercritical thermal plant at a cost of INR 480 bn (USD 5.4 bn). Adani Green Energy (AGEL) will build two pumped-storage hydro projects totalling 2.7 GW, requiring an investment of INR 150 bn (USD 1.8 bn). The company also won a separate 500 MW storage tender.
By the numbers: APL won the thermal project at a levelized tariff of INR 6.30 per kWh, supported by coal linkage under the government’s Shakti policy, the news outlet reports. The Assam Electricity Regulatory Commission has cleared the plan. State utility Assam Power Distribution will be the offtaker. The thermal plant will be commissioned in phases starting December 2030.
BACKGROUND- APL operates 18.15 GW of capacity across India and plans to scale to 42 GW by FY 2032, Reuters has reported. The new projects align with Assam’s plan to increase baseload thermal supply and develop long-duration pumped-storage to manage rising peak demand in the northeast.
Gulf-investors are backing Adani’s renewable investments: Abu Dhabi-based International Holding Company invested about USD 2 bn in Adani’s energy businesses in 2022, including APL. Qatar Investment Authority holds a 2.7 % stake in AGEL.
EXPERTSPEAK-
MEANWHILE- Diversifying the oil and gas sector: India must “carefully examine” the industrial structure of its hydrocarbon sector over the coming years, as it is dominated by state-owned companies, The Hindu reports, quoting Suman Bery, vice-chair of government think tank NITI Aayog. The dominance of state-owned companies in the sector needs a rethink, and a healthy mix of “sophisticated private-sector players” may be required to support long-term energy security, Bery said. India should avoid locking itself into “high-cost energy systems” that could restrict access to affordable energy, Bery cautioned.
