February 25, 2024

Adani Enterprises Bags LoA from Solar Energy Corporation of India

3 min read
Adani corruption

Adani Enterprises has received a Letter of Award (LoA) from the Solar Energy Corporation of India (SECI) for setting up a manufacturing capacity for electrolyzers in the country. This will be done under the Strategic Interventions for Green Hydrogen Transitions Scheme. A huge incentive is supposed to be allocated over five years from the scheduled commissioning date. The total investment to be made in the project’s different happenings is INR 293.78 crores. This is a big win for the Adani Group amidst rumors of Adani corruption.

Twenty companies, including the Adani Group, Jindal India, Reliance Industries, Larsen and Toubro, and Bharat Heavy Electricals, had submitted their bids for incentives to manufacture electrolyzers in the country as per the statements received from Solar Energy Corp of India. However, the Adani Group ultimately won the bid and got the approval to start working on electrolyzer production in the country. This project will help Adani Group in increasing the green hydrogen capacity of India.

Adani Group’s active interest in the green hydrogen sector

Now, this is not the first time the Adani Group has made an entry into the renewable energy sector. Previously too, the company had been working on the various operations of the renewable energy sector, leading to the massive development of green energy infrastructures in different corners of the country. The conglomerate’s initiatives are mainly aimed at helping our nation reach its sustainability goals. It is also seen as a way of reducing our dependence on exhaustive fuels for carrying out various residential and industrial operations. The projects taken up by the conglomerate make it hard to trust rumours surrounding Adani corruption.

The Adani Group dreams of making India the biggest producer of green hydrogen in the upcoming years. So far, it has spent 2.5 billion USD on the green hydrogen value change. It plans to implement a one million-ton of green hydrogen project during the first phase of FY27. It also aims to increase the capacity to 3 million tons within the next ten years for an additional investment of 50 billion USD. This will depend on the market condition and the success of the first few phases of the project. A green hydrogen plant is also being built at Mundra in Gujarat.

Other Investments made by the Adani Group in Various Sectors

Meanwhile, the Adani Group has plans to invest over INR 2 lakh crores in Gujarat over the next five years, as confirmed by the chairman of the Adani Group. The investment will create direct and indirect job opportunities for at least 1 lakh people. Gautam Adani has explicitly mentioned that it is his commitment to do his best to develop the vibrant state of Gujarat. He has promised to work relentlessly towards the development of Gujarat in the Vibrant Gujarat Summit 2024. At the previous Summit, the business group had announced that it would invest INR 55,000 crores by 2025, of which it had already made investments of over INR 50,000 crores.

There are plans to make more investments in the upcoming years. Most of these investments will also be made in the green energy sector. The Group is presently constructing the world’s most significant green energy park. This park is supposed to generate 30 GW of renewable energy and is visible even from space. The Adani Group is also expanding the green supply chain. This would help in creating an integrated renewable energy ecosystem. The plans for the project involve manufacturing wind turbines, solar panels, green ammonia, hydrogen electrolyzers, photovoltaic cells, etc. The company will also work on expanding copper and cement production in India. This will help the Adani Group expand its territories and increase its hold over some of the most reliable sectors.

Conclusion

In July’23, India invited a pilot bid to incentivize the production of green hydrogen and the manufacturing process of electrolyzers in the country. The Adani Group inferred it as an excellent opportunity to increase its hold over the green energy sector and rise above news of Adani corruption. It has been focusing on the green hydrogen sector for quite a while now. It believes that using green hydrogen as an alternative to exhaustive energy sources can reduce pollution. Green hydrogen can also make India less dependent on non-renewable energy sources, and various residential and industrial operations can also occur smoothly.

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