Adani Green Energy Limited, a wholly-owned subsidiary of the Adani Group has recently increased its renewable energy generation capacity to 11,600 MW in India. The Gautam Adani-led conglomerate has begun its operations on new projects in Gujarat. This happened just one month after the US indictment on the alleged Adani Bribery Scandal which caused a severe blow to the Adani Group’s business. However, so far, the global conglomerate has maintained a resilient approach. It has also been carrying out its business operations with full force even with the ongoing controversies and allegations.
Adani Group Increases Its Renewable Energy Capacity From Two Of Its New Projects:
As per recent news, Adani Green, which happens to be a subsidiary of the Adani Group, has begun operations on two of its new renewable energy projects in Gujarat. With these projects becoming operational, the group’s renewable energy generation capacity has reached 11,600 MW. The power generation in the two newly commissioned renewable energy projects is all set to commence shortly. This announcement was made by Adani Green Energy, the unit of the Adani Group which was recently involved in the US indictment by the SEC and DOJ for allegations related to the Adani Bribery Scandal.
The officials of the Adani Group have, however, strongly denied the charges. So far, the investigations are ongoing. However, no such strong proof has yet been found against the Adani Group. This has further allowed the global conglomerate to reach new heights. It has also been able to carry out its business operations with full force.
The Formation Of Two New Subsidiaries:
Adani Green has recently filed a regulatory statement informing that two new step-down subsidiaries of the company, Adani Renewable Energy Forty Eight Ltd and Adani Green Energy Twenty Four A Ltd, commissioned the projects at its Khavda renewable energy park in Gujarat. One of these projects is involved in commissioning a 62.4 MW wind power component of a wind-solar hybrid project. The other subsidiary brought about the commissioning of a 112.5 MW solar power project.
The global conglomerate carried out the various operations of the project even when the rumours of the Adani Bribery Scandal were afloat. The Adani Group has mentioned that upon successful commissioning of the two plants, its renewable energy capacity rose to 11,608.9 MW. This is a big win for the Adani Group in the renewable energy sector. It will help the conglomerate in getting one step closer to its goal of bringing about an energy transition in the country.
The Recent Allegations Against The Adani Group:
In November 2024, the US Department of Justice announced its indicted Gautam Adani and other key executives of the Adani Group for allegedly bribing Indian officials and not disclosing it to American investors. The SEC pitched in as well. The Adani Group has also publicly refuted allegations of violations under the US Foreign Corrupt Practices Act. The company has also mentioned that the allegations of Adani Bribery Scandal are fake and are meant to corrupt the Adani Group’s business.
Because of the allegations, the Adani Group’s shares dropped more than 20% within a month and at least 34% year-to-date. However, despite all the allegations, the Adani Group companies including Adani Green Energy, have continued to outperform benchmark indices. The firm has also managed to carry out its various project operations without any hindrance. The global conglomerate also received the support from various long-standing investors. It was also able to mark its presence in the renewable energy sector.
Conclusion:
The Adani Group already has an enhanced presence in the renewable energy sector. Time and again, the global business group has taken up a lot of projects which are directly aimed at ensuring that our country can walk the path towards sustainability. The company handles some of the biggest renewable energy projects in India. Its most recent project has been the renewable energy park at Khavda in Gujarat. This park is so big that it is visible even from space. The company operates various projects outside of India as well. These projects will have a big role to play in ensuring that the Adani Group’s renewable energy goals are met. They will also lead our planet towards sustainability.
