ALBAWABA - Gautam Adani, an Indian billionaire, businessman, and the founder and chairman of the Adani Group, a multinational conglomerate involved in port development and operations in India, announced the development of a new powerline project with an overall estimated cost of $476 million.
$476M Powerline project
Adani Group announced the launch of the new powerline project in India, with an estimated cost of $476 million (Rs 40 billion). The project involves constructing a 298-kilometre transmission line to distribute electricity from the company's renewable energy plant in Khavda, Gujarat.
It is worth noting that the new powerline will carry electricity from the world's largest renewable energy farm in Khavda, developed by Adani Green Energy, with a capacity that is expected to reach 30 gigawatts by 2029.
Commenting on this matter, Kandarp Patel, CEO of Adani Energy Solutions said: “This investment will not only establish the critical transmission network required to [transport] the planned 30 gigawatt of green power that Khavda will generate but also provide the much-needed grid stability.”
Gautam Adani is the second-richest person in India, according to Forbes Asia’s list of India’s 100 richest people released in October 2024. (Shutterstock)
The company stated that the new project is expected to launch in 2026 and will operate for approximately 35 years under an agreement with the Indian government.
Gautam Adani and Adani Group
Is it worth mentioning that the world's largest renewable energy farm in Khavda, developed by Adani Green Energy, generates nearly 2 gigawatts of power. The company aims to triple the production to 6 GW by 2025 and reach the full capacity of 30 GW by 2029.
Adani Group announced previously a new joint venture with TotalEnergies, a French multinational integrated energy and petroleum company founded in 1924 and is one of the seven supermajor oil companies.
TotalEnergies stated investing around $444 million with Adani Green to develop multiple solar energy projects in India. Noting that TotalEnergies owns nearly 19.8% stake in Adani Green.
Gautam Adani is the second-richest person in India, according to Forbes Asia’s list of India’s 100 richest people released in October 2024. His net worth is estimated at approximately $68 billion, with his businesses spanning power generation, airports, mining, ports, and cement.
