Adani Electricity Aims to Provide Majority of Renewable Energy to Mumbai by 2027
April 15, 2023: Adani Electricity Mumbai Ltd., a utility of Adani Transmission Ltd., has announced its plan to source up to 60% of its power supply from renewable sources by 2027.
The company aims to be one of the few globally to significantly source from renewables. According to a presentation filed to stock exchanges on Wednesday, renewables accounted for 30% of power procurement for Adani Electricity as of March 31, a ten-fold increase over the past two years.
The pivot is part of Gautam Adani‘s larger ambitions to invest $70 billion in the green energy value chain by 2030.
Despite a shortseller attack earlier this year, Bloomberg reported last month that green energy remains one of the group’s core focus areas.
Adani Electricity also received the regulator’s approval to recover its deficit accumulated over the last three years via higher tariffs from consumers, though it didn’t specify how long it would take to recover it.
The company’s working capital loans more than halved to INR 5 billion ($60.9 million) as of March 31, and it has “zero dependence on imported coal,” according to its presentation.
Adani Electricity Mumbai Limited (AEML) has announced plans to supply mostly green power to Mumbai by 2027.
The utility, a subsidiary of the Adani Group, aims to source 95% of its energy requirements from renewable sources by 2025.
The company has already made significant progress in this direction by achieving a renewable energy sourcing level of 44% as of March 2021.
AEML has invested in solar, wind and hydro power projects to increase its renewable energy capacity. The company has set a target to achieve a total renewable energy capacity of 2,500 MW by 2025.
According to a statement by the company, its “transition to a sustainable energy mix will contribute to India’s ambitious renewable energy target of 450 GW by 2030 and also help to reduce carbon emissions.”
Mumbai, which is one of the most populous cities in India, has been grappling with air pollution and power supply issues.
Adani’s move towards green power is expected to address these issues, while also contributing to the country’s climate change goals.
The shift towards renewable energy sources is becoming increasingly popular in India, with many companies setting ambitious targets for the future.
Adani’s announcement to supply mostly green power to Mumbai by 2027 is another significant step towards a sustainable energy future for the city and the country.
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