Adani Green Energy

In May 2020 Adani Green won the world's largest solar bid — an $6 billion, 8,000 MW photovoltaic plant from Solar Energy Corporation of India — with Adani Solar adding 2,000 MW of cell and module manufacturing. The pivot from thermal to renewables was sudden and headline-grabbing, positioning Adani as a green-energy champion alongside his coal assets.

Adani Green Energy Ltd (AGEL) was established in 2015 and listed in 2017, becoming what the company describes as India's largest and a global leader in utility-scale renewable energy. The 2016 Kamuthi 648 MW solar plant in Tamil Nadu, then one of the world's largest, signaled the group's renewable pivot — running in parallel with thermal expansion, not replacing it.

In 2020 the group won a mandate to operate six airports — Ahmedabad, Lucknow, Thiruvananthapuram among them — diversifying into aviation infrastructure. AGEL won the contract for the world's largest solar project, and APSEZ completed the acquisition of Krishnapatnam Port, consolidating east-coast presence.

Adani Green signed what the company claims is the world's largest green PPA with SECI in 2021, ranking among the largest solar developers and renewable energy companies globally. APSEZ's Rs 6,200 crore acquisition of Gangavaram Port unlocked India's eastern hinterland, extending the port network into new cargo catchments.

By 2022 the Adani Group had crossed $200 billion market capitalization, completed the Mumbai and Navi Mumbai airport acquisitions, accelerated APSEZ cargo volumes to 300 million metric tonnes, and saw Adani Wilmar list with a bumper opening. The sovereign-backed International Holding Company committed $2 billion into the green portfolio — the year before Hindenburg's report would interrupt the trajectory.