April 14, 2024
Business Featured Latest News

Adani’s Ambuja Cements Commits $723 Million to Ramp Up Renewable Power Projects

In a significant stride toward their net zero goals, Ambuja Cements Ltd., under the leadership of billionaire Gautam Adani, has announced a substantial investment of 60 billion rupees ($723 million) into renewable power projects. This Mumbai-based cement giant, now under the Adani Group’s ownership after its acquisition from Holcim Ltd. last year, unveiled plans to leverage internal accruals for this ambitious venture, aiming to propel its green energy usage to 60% of its projected 140 million ton yearly capacity. This substantial surge marks a considerable leap from its current 19% utilization of green energy.

The investment blueprint entails the establishment of 1,000 megawatts of renewable power projects, primarily encompassing a 600 MW solar power and 150 MW wind power facility in Gujarat. Additionally, Ambuja Cements plans to erect a 250 MW solar plant in Rajasthan by March 2026. These ventures supplement the existing 84 MW green energy capacity already operational within the company. Furthermore, the company aims to slash the cost of green energy generation by an impressive 20%, plummeting from 6.46 rupees per kilowatt-hour to 5.16 rupees per kWh while bolstering the supply of green cement.

The Adani conglomerate, spearheaded by Gautam Adani, the second-richest individual in Asia, has laid out an ambitious roadmap for a $100 billion investment in green energy transition over the next decade. Aligning with global initiatives, five of the group’s entities are steadfastly striving to achieve net zero emissions by 2050. Gautam Adani, alongside fellow billionaire Mukesh Ambani, both pioneers in fossil fuel industries, have pivoted their focus towards championing renewable energy. This strategic shift mirrors Prime Minister Narendra Modi’s vision to decarbonize India, striving for carbon neutrality by 2070.

In sync with this commitment, other entities under the Adani umbrella, namely Adani Green Energy Ltd., Adani Energy Solutions Ltd., Adani Ports & Special Economic Zone Ltd., and ACC Ltd., have also committed to achieving a 2050 carbon net zero target. The conglomerate articulated its proactive approach, emphasizing the active procurement of renewables, the electrification of operations, the adoption of biofuels, and the deployment of cutting-edge technologies like waste heat recovery and energy storage to accelerate this monumental transition.

The move by Ambuja Cements underscores a profound commitment not only to bolster its green energy portfolio but also to be at the forefront of India’s sustainable transformation, echoing the collective efforts of the Adani Group in reshaping the country’s energy landscape towards a cleaner, more sustainable future.

Pic Courtesy: google/ images are subject to copyright

Share

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *