MAY 20239The clean energy division of billionaire Gautam Adani claimed record fourth-quarter profits as the conglomerate prioritised renewable energy in reaction to the explosive study from Hindenburg Research. Adani Green Energy, India's leading renewable energy business, saw its net income more than quadruple to 5.07 billion rupees ($62 million) in the three months that ended in March. Chairman Adani, who has a close relationship with Indian Prime Minister Narendra Modi, the company is `hurrying the transition to sustainable energy and playing a pivotal role in fulfilling India's obligations to a greener future'. Even as his vast company scales back on expectations in certain other areas, Adani's priority continues to be on renewables programmes, power generation, and ports. Following allegations of corporate fraud made in January by Hindenburg, which the company denies, Adani Group has lost billions in market value and reviewed its plans.A persons with knowledge of the situation, the group is looking to finance roughly $800 million for brand-new green energy projects and has spoken with major banks like Sumitomo Mitsui Banking Corp., DBS Bank, Mitsubishi UFJ Financial Group, and Standard Chartered Plc. In the fiscal year that concluded in March, Adani Green's operational capacity climbed by over half, to more than 8 gigawatts. The company wants to generate 45 gigawatts of renewable energy by 2030, which is comparable to India's objective of nearly tripling its clean energy production capacity by that time. According to the corporation, factors including higher borrowing rates contributed to a 44 percent increase in overall costs. India's state-run oil and gas corporations plan to construct a total green hydrogen generation capacity of 38,000 tonnes annually by the following fiscal year. The petroleum ministry's energy transition advisory council estimates that by 20242025, the combined electrolyzer capacity for the planned green hydrogen facilities will need to be 279 MW. Hindustan Petroleum intends for its refineries in Visakhapatnam and Barmer to have 115 MW of capacity. While Indian Oil, the country's largest refiner, plans to build a 56 MW capacity at its Mathura and Panipat refineries, gas pipeline operator GAIL is aiming for a capacity of 60 MW. While Numaligarh Refinery and Mangalore Refinery & Petrochemicals aspire for 20 MW and 3 MW capacity, respectively, Bharat Petroleum is aiming for 25 MW. Green hydrogen is a key component of India's energy transition strategy. By investing Rs.8 lakh crore, it hopes to establish green hydrogen production capacity of at least 5 million metric tonnes annually by 2030.Since they are already a significant producer and user of non-green hydrogen, state-run oil and gas firms are anticipated to play a significant role in the establishment of green hydrogen capacity. The capacity of state-run and private-sector refiners to produce hydrogen is expected to increase by 85 percent to 2.5 million tonnes annually by 2030 from 1.4 million tonnes annually in 2020. By 2030, Indian Oil is anticipated to have the largest capacity, with 825,000 tonnes annually. Reliance Industries and HPCL are expected to each have annual capacities of 529,000 and 302,000 tonnes, respectively.Refineries and fertiliser manufacturers in India account for 99 percent of the nation's entire need for pure hydrogen. According to the committee, India's refineries consume roughly 2.1 million tonnes of hydrogen per year, and the ammonia industry requires about 3.1 million tonnes. Around 20 green hydrogen projects with a total capacity of around 230 GW already exist or have been announced globally. The committee identified several obstacles to expanding the market for green hydrogen, including price, technology maturity, efficiency, renewable electricity, and regulatory ambiguity. GREEN HYDROGEN: STATE-RUN OIL COMPANIES TARGET 38,000 TONNES/YEAR CAPACITY BY 2024-25BILLIONAIRE ADANI FOCUSES ON ENERGY AS GREEN UNIT PROFIT SURGESTOP STORIES
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