The highs, hurdles and grey areas in Adani's green energy dreams

Despite a $20-billion investment announcement in renewable power, the group is yet to commit to a net-zero investment in coal, and analysts question its debt burden

As the power and renewable sector battled the heat of the pandemic with demand falling and smaller players leaving the fray, Adani Green Energy (AGEL), the newest entrant from the Adani stable, made hay in the sunshine. Between 2020 and now, the company has acquired close to 5.4 Gw of renewable energy projects. This includes the biggest catch in recent times — the 5 Gw assets of SoftBank Energy, which exited India.

From January 2020, when Gautam Adani announced that it will be the world’s largest renewable energy company, to this September, when he said the group will spend $20