Billionaire who made fortune from coal is building world’s largest renewable energy plant visible from space
A billionaire CEO whose family made its fortune from coal mining is building the world’s largest renewable energy plant that will be visible from space when complete, according to a report.
Sagar Adani of Adani Green Energy Limited (AGEL) plans to transform 200 square miles of empty and barren salt deserts in India into a massive energy park utilizing solar and wind power plants, he told CNN Business.
“A region so large, a region that is so unencumbered, there’s no wildlife, there’s no vegetation, there’s no habitation. There is no better alternative use of that land,” Adani told CNN.
The executive director has a family history steeped in the energy sector. His uncle Gautam Adani — the second richest man in Asia — built his $100 billion fortune from Adani Group, which is India’s largest coal importer and the leading miner of coal, according to the outlet.
The younger Adani, 30, said he is turning to renewable energy to meet the needs of India’s growing middle and upper classes and a predicted surge in electricity users. Coal currently produces 70% of the country’s electricity.
AGEL is investing $20 billion to build out the renewable energy park in five years. When completed, it will be roughly five times the size of Paris and generate enough electricity to power 16 million households in India — or roughly the entirety of Switzerland, CNN reported.
Prime Minister Narendra Mosi has promised that 50% of India’s energy will be from renewable sources like solar or wind power by 2030.
They are ambitious goals as India’s economy, urban areas, and energy demand are expected to skyrocket.
Over the next 30 years, India will experience the largest energy demand growth of any country in the world due to its surging economy, according to the International Energy Agency.
“If you imagine 800 GW of coal-fired thermal capacity being added … this by itself will kill all other sustainable energy initiatives happening all across the world, in terms of carbon emissions,” Adani said.
He admitted that it could not be 100% renewable sources as it wasn’t plausible at this point.
“I think it’s also very important to respect the fact that every country has its own right to make sure that the people of their own country are well-served from an energy perspective,” Adani said to CNN.
“So is India doing a bit of coal? Yes, of course India is. But is India doing a massive amount of renewables? Yes, there’s no question,” he added.
