Adani Turns to Solar Power in Australia as Coal Plans Draw Fire

  • Adani studies solar projects in Queensland, South Australia
  • Solar plan over and above Carmichael mine investment

Adani Enterprises Ltd., the mining company whose plans to build Australia’s largest coal project have been delayed, is now looking to invest in the country’s solar-power sector.

The Indian company, controlled by billionaire Gautam Adani, is focusing on solar opportunities in Queensland and South Australia states, it said in an e-mailed statement on Wednesday. Adani said any solar investment in Australia would come on top of its ambitions to develop the Carmichael mine and rail project in Queensland.

QuickTake Solar Energy

Adani is interested in joining companies from Canada, China and Europe in developing solar projects in Australia with costs projected to halve by the end of the decade. Large-scale solar in the country is forecast to experience a 15-fold increase in capacity by 2021, according to Bloomberg New Energy Finance.

The company has a green-energy unit in India, which targets 10,000 megawatts of photovoltaic capacity by 2022, according to the statement.

Adani’s plans to use a port near the Great Barrier Reef have stoked opposition from environment groups. The coal industry is under siege with utilities facing pressure to close aging power plants, countries taking their boldest steps yet to cut greenhouse gas pollution and prices languishing near the lowest levels since 2006.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE