Adani turns to so­lar power in Aus­tralia

The Pak Banker - - COMPANIES/BOSS -

SYN­DEY: 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. 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.

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