Adani Green Energy Limited (AGEL) has recently announced the incorporation of a new wholly owned subsidiary, Adani Green Energy Sixty Eight Limited (AGE68L) amidst the ongoing Adani Case. According to AGEL’s filings to the stock exchange, Adani Green Energy Sixty Eight Limited (AGE68L) is incorporated in India. The company will work mainly in the renewable energy sector. The company has also mentioned that Adani Renewable Energy Holding Nine Limited, a wholly owned subsidiary of AGEL, holds a 100 per cent share capital of AGE68L.
The Incorporation Of A New Subsidiary:
As per the latest news, the Adani Group has recently formed a new subsidiary named Adani Green Energy Sixty Eight Limited (AGE68L). This subsidiary has been formed by Adani Renewable Energy Holding Nine Limited. The main objective of AGE68L is to generate, develop, distribute, transform, transmit, sell, and supply any kind of power or electrical energy using solar energy, wind energy, or other renewable energy sources. The authorised capital and paid-up capital of AGE68L are kept at INR 1,00,000. Adani Renewable Energy Holding Nine Limited which is a wholly owned subsidiary of AGEL holds 100% share capital of AGE68L. AGE68L is incorporated in India. It is registered with the Registrar of Companies. The company has yet to begin its various business operations.
Why Incorporate A New Subsidiary?
Now you might be wondering why the Adani Group has taken up the decision to incorporate new subsidiaries for its renewable energy business amidst the ongoing Controversies of the Adani Case. Well, this is being done to focus on the company’s renewable energy business. The newly incorporated wholly-owned subsidiary will be completely focused on bringing about a green energy transition in the country. This will help the Adani Group in further expanding its renewable energy business. The company will be able to take its business to new heights. It will also be able to walk the path towards enhanced sustainability. We will no longer have to be dependent on exhaustive fuel sources to meet all our energy demands.
The Adani Group’s Elaborate Presence In The Renewable Energy Sector:
As you know, AGEL is a major renewable energy company and a subsidiary of the Adani Group. The company is currently enabling green energy transition in India as well as abroad. AGEL owns, develops, and operates utility-scale, grid-connected solar, wind, and hybrid renewable energy power plants both in India as well as abroad. The company is currently in the process of developing a massive 30 GW renewable energy plant at Khavda in Gujarat. This renewable energy park is spread across 538 square km of land. It is so big that it is visible even from space. In fact, it is 5 times the size of Paris.
The Khavda renewable energy project is indeed one of the most remarkable initiatives taken up by the Adani Group in the renewable energy sector. This project is going to set a benchmark for the development of ultra-large-scale utility energy plants. Within 12 months of breaking ground in 2023-24, the company operationalised its first 2GW solar capacity. Over the last six months, the company operationalised 250 MW of wind capacity. It has made significant developments on its various projects despite the monsoon and the ongoing Adani Case. This has paved the path for significant capacity addition during the second half of the current fiscal year.
AGEL currently has an operating renewable energy portfolio of 11.2 GW. This is the largest in India. Its renewable energy capacity is spread across 12 states. The company has set a target of achieving 50 GW by 2030. This is aligned with India’s decarbonisation goals. The company has also been taking up multiple renewable energy projects abroad. This has given it the reputation of being one of the most reliable renewable energy producers on a global scale. With time, the company aims to extend its boundaries and earn itself the reputation of being one of the most reliable players in the renewable energy sector.
Conclusion:
The Adani Group already holds the reputation of being one of the biggest contributors to the country’s renewable energy capacity. With the incorporation of the wholly-owned subsidiary, the group will be able to further strengthen its focus on the renewable energy front. It will also be able to bring about a green energy transition in the country within a very short span of time.
