Ahmedabad, 9 November 2021: Adani Green Energy Ltd (AGEL) the world's largest solar power developer, and Adani Transmission Ltd (ATL), India’s largest private sector power transmission and retail distribution company, have declared their Energy Compact Goals as part of COP26, primarily adhering to Sustainable Development Goal 7 (SDG 7).
SDG 7 defines a set of targets to be achieved by 2030. The companies are to ensure universal access to affordable, reliable, and modern energy services and increase substantially the share of renewable energy in the global energy mix.
Both AGEL and ATL have centered their business strategy around the achievement of SDGs across all their activities, with SDG 7 as the cornerstone.
AGEL's and ATL's commitment will also support the targets taken by the Government of India and its commitment to the UN Energy Compact. India has committed to increase the installed capacity of renewable energy to 450 GW by 2030 and to the Production Linked Incentive Scheme (PLI) to add 10 GW solar PV manufacturing capacity by 2025. India has also committed to 'enhance energy efficiency in agriculture, buildings, industry and transport sectors and promote energy-efficient appliances/equipment to reduce India's emissions intensity of GDP'.
AGEL has set a target of achieving 45 GW renewable energy capacity by 2030, with the average tariff below the Average Power Purchase Cost (APPC) at the national level. Further, AGEL will invest $20 billion in renewable energy development over the next decade and develop a 2 GW per year solar manufacturing capacity by FY 2022-23.
ATL is on course to increase the share of renewable power procurement from the current 3% to 30% by FY 2023 and to 70% by FY 2030 through its utility subsidiary in Mumbai and reduce its carbon intensity on per unit of revenue basis to support SDG 13 for Climate Change Mitigation. ATL’s role as a transmission provider and distributor of energy is also in line with SDG 11 on Sustainable Cities and Communities, as it provides resilient infrastructure and ensures community access to a consistent and secure power supply.
About Adani Transmission Limited
Adani Transmission Limited (ATL) is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. ATL is the country’s largest private transmission company with a cumulative transmission network of ~18,300 ckm, out of which ~13,700 ckm is operational and ~4,600 ckm is at various stages of construction. ATL also operates a distribution business serving about 3 million+ customers in Mumbai. With India’s energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards serving retail customers and achieving ‘Power for All’ by 2022.
About Adani Green Energy Limited
Adani Green Energy Limited (AGEL), a part of India-based Adani Group, has one of the world’s largest renewable portfolios, with locked-in growth of 19.8 GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms. Listed in 2018, AGEL today is a USD 19 Bn market cap company helping India meet its COP21 goals. Mercom Capital, the US-based think tank recently ranked Adani Group as the #1 global solar power developer.
For media queries, please contact: Roy Paul | roy.paul@adani.com