Leading solar energy group keen to invest in renewable energy in Vietnam
As the group that owns the largest solar production facilities in the world, Adani is currently seeking to invest in the Vietnamese renewable energy industry.
As a multidisciplinary industrial group that operates globally through six public companies, Adani Group has a total revenue of US$15 billion along with a market capitalization of US$30 billion. Most notably, they have poured money into building greater transport infrastructure facilities throughout India.
Recent years has seen several Indian firms with billions of dollars in turnover decide to make long-term investments or surveys in an effort to prepare investments or expand their current business dealings in the country, including Adani Group. Their intention to get involved in the local renewable energy sector was first presented by the CEO of Adani Group during his working trip to Vietnam in 2018 in a meeting held with Prime Minister Nguyen Xuan Phuc.
At present, TSV Joint Stock Company and Adani Company are in the process of carrying out operations at the Phuoc Minh Wind Power Plant Project in Ninh Thuan.
According to Mercom Capital, last year saw the nation among the top five markets in terms of annual solar power system installation capacity. With the local economy forecast to grow between 6.5% and 7.5% annually until 2030, the country will need approximately 90,000 mW and 130,000 mW of power by 2025 and 2030, respectively.
Furthermore, Adani's renewable energy projects exceeded the total installed capacity of the US solar industry in 2019, whilst they will help reduce over 1.4 billion tonnes of CO2 emissions during the course of the average individual’s lifetime. Indeed, Adani is one of the most integrated solar power manufacturing enterprises globally, with operations in photovoltaic modules and cells manufacturing, along with project development, construction, financial structures, and ownership of assets based on a strong internal asset management foundation.
Currently, Adani Group is roughly 70% larger than the second largest solar producer in the world.
Mercom Capital have stated that renewable energy will be a leading priority aimed at assisting the nation reduce its dependence on fossil fuels, whilst also dealing issues relating to pollution and promoting sustainable development
Gautam Adani, the founder and chairman of Adani Group, attributes the group’s high ranking directly to Adani's commitment to building the necessary infrastructure to play a part in a clean energy future. Over the course of the next decade, some existing business models will be affected by disruptions caused by plummeting costs of renewable energy, coupled with the changing ability of technologies in comparison to the scale of industries.
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