Adani row will not impact India's renewable energy mission: Union Power Minister

The Indian power sector will have no impact from the Adani Group controversy triggered by a report from New York-based short seller Hindenburg Research last week, Power Minister RK Singh said on Thursday.

New Delhi: Union power minister R K Singh on Thursday dismissed apprehensions about any impact of Adani group firms' stock route on clean energy development, saying India has many such large companies in the sector. Singh's statement comes at a time when opposition party members have joined hands in both houses of the Parliament demanding the suspension of regular proceedings to discuss the allegations of fraud against the Adani Group.

"The controversy will not impact us. We have one of the most robust renewable energy capacities in the world. At least 15-16 large global companies working in the renewable energy sector are with us," said Singh reiterating that the Adani controversy will not impact India's renewable energy prospect.

Last year the Adani group announced that it will build three giga factories to manufacture solar modules, wind, turbines, and hydrogen electrolyzers as part of its 70 billion dollar investment in clean energy by 2030. However, the conglomerate is presently facing controversy after investor group Hindenburg Research accused them of involving in fraud, stock manipulation, and money laundering.

Singh was talking to the reporters at the Power Ministry in New Delhi ahead of the first Energy Transitions Working Group (ETWG) meeting of the G20. Referring to the power situation in India, Singh said that the country is witnessing a 10 percent increase in its power demand. "I would like to ensure that there will not be any power crisis in the country. If necessary, we will purchase more coal to generate power," said Singh.

Admitting that India's northeastern states have huge potential for hydropower, Singh said that the first unit of the ongoing 2000 MW Lower Subansiri Hydro Power project will start functioning by June. The Minister informed that more than 150 delegates from 19 G20 countries, European Union, and nine guest countries will participate in the first ETWG meeting.

India is hosting the G20 summit this year, the premier forum for international cooperation. The G20 members represent around 85 percent of the global GDP, over 75 percent of the global trade, and about two-thirds of the world population.

"The energy transition working group while retaining focus on achieving energy transition, will emphasize addressing technology gaps and financing to ensure that it is delivered across countries in a time-bound and affordable manner without compromising the energy needs of the communities," Singh said. To set the agenda and identify action areas for the planned energy transition ministerial meeting, ETWG will conduct four working group meetings at Bengaluru, Gandhinagar, Mumbai, and Goa.