The world’s second richest man and Asia’s richest man, Gautam Adani, is in preliminary talks over a giant renewable energy project in Morocco to provide Europe with zero-emissions electricity and fuel.
And Bloomberg reported that Adani Group, which operates in fields ranging from coal to ports, is considering building wind and solar farms in Morocco, as well as green hydrogen production capacity for export, according to people familiar with the projects, who asked not to. be named in the discussion for non-public details.
According to Bloomberg NEF, the project, which will be Adani’s largest clean energy project outside of India, could have a capacity of up to 10 gigawatts (GW) and that would be roughly equal to Morocco’s current electricity generation capacity, which includes a total complexity of about 2.8 GW. wind and solar energy.
A source familiar with the file said the project will be implemented in two phases with a capacity of 5 gigawatts and includes plans to supply electricity locally and export some electricity directly to Europe.
Bloomberg reported that Adani Green’s stock rose 3.6% this week, its biggest gain in two months, outpacing the benchmark’s 2.4% gain.
That, and the agency explained that it could be years before we see any green hydrogen being exported to Europe, given advances in technology, noting that Saudi Arabia’s 4 GW green hydrogen project is expected to take four years. .
She pointed out that countries in North Africa and parts of the Middle East are increasingly being selected as potential major green hydrogen hubs due to their abundance of sunshine and wind, as well as their proximity to major export markets, including Europe. ReNew Energy Global has signed a tentative agreement to build an $8 billion Green hydrogen project in Egypt.
The Indian businessman aims to make his empire the world’s largest producer of clean energy by the end of the decade, although he continues to invest heavily in fossil fuels, noting in context that the Adani Group has a strong focus on developing clean energy. hydrogen sector and sees zero fuel emissions as the key to decarbonizing heavy industry in India and beyond.