Indian conglomerate Adani Group has set up a new subsidiary focused on areas including manufacturing solar equipment and producing green hydrogen.
Adani Enterprises said in a regulatory filing that it has incorporated a wholly owned subsidiary called Adani New Industries Ltd (ANIL), which “will commence its business operations in due course”.
In addition to manufacturing solar modules, wind turbines, batteries and electrolysers, ANIL will develop and operate projects for the generation of low carbon electricity and the synthesis of low carbon fuels and chemicals.
The news follows Adani Solar, the Adani Group’s solar manufacturing and EPC arm, announcing last year that it is ramping up its solar production plant in the state of Gujarat to have 3.5GW of cell and module manufacturing output.
Adani Group chairman Gautam Adani revealed in November that the company will invest US$70 billion over the next decade as it aims to become the world’s largest renewable energy producer.
The conglomerate’s solar development unit Adani Green Energy will invest US$20 billion in renewables development over the next decade to reach 45GW of renewables capacity.
Adani Green Energy, which is 20% owned by French oil and gas major TotalEnergies, last month signed what it described as the “largest ever green PPA” that will see it supply 4,667MW of renewable power to Solar Energy Corporation of India (SECI).
Reliance Industries, another Indian conglomerate, is also looking to set up solar manufacturing plants in the country as part of a US$10.1 billion clean energy plan unveiled last year that will see it aim to support 100GW of solar by 2030.
A Reliance Industries subsidiary recently acquired Norway-headquartered solar module manufacturer REC Group for US$771 million as well as a 40% stake in EPC and O&M solutions provider Sterling and Wilson.