Adani goes for solar Down Under

Share

Indian mining giant Adani Enterprises Ltd. is looking to invest in solar energy in Australia after its plans to build the country’s biggest coal project were delayed, Bloomberg reported on Wednesday.

The company, controlled by billionaire Gautam Adani, is looking to develop solar projects in the states of Queensland and South Australia. Adani is looking to partner with companies from China, Europe and Canada in developing solar projects in the country.

Adani has not given up on its ambitious plans to develop the Carmichael mine and rail project in Queensland, however. It has said any investment in Australian solar would be in addition the mining project, Bloomberg added.

The company’s coal project plans, which include the use of a port near the Great Barrier Reef, have faced loud opposition from Australian environmental groups. In addition, the coal sector is facing increasingly hard times as countries move to cut greenhouse gas pollution and embrace alternative energy sources.

In India, Adani operates a renewable energy unit that is looking to build 10 GW of PV capacity by 2022.

Adani recently took part in a 50 MW solar auction in the Indian state of Maharashtra, but since the company was in the end the sole bidder, the Solar Energy Corporation of India (SECI) cancelled the tender and announced it would hold a new auction.

Industry watchers say reductions in feed-in tariffs have made solar auctions increasingly less interesting for solar developers in India.