Adani Power targets 45 GW in 5 years: ₹2 lakh cr capex

AGM sets the tone for a bigger energy platform

Adani Group Chairman Gautam Adani used the group’s annual general meeting (AGM) to outline a sharper build-out across power generation, transmission, and a new push into nuclear energy. The comments positioned energy as a central pillar in the conglomerate’s broader infrastructure plans. The most concrete targets were tied to Adani Power’s capacity expansion and Adani Energy Solutions’ (AESL) growing transmission order book. Adani said Adani Power is executing India’s largest private-sector power expansion programme. He also said AESL remains India’s only private-sector player with a proven high-voltage direct current (HVDC) capability. Alongside these, Adani flagged an entry into nuclear power through Adani Atomic Energy. The roadmap, as laid out at the AGM, includes both near-term capacity additions and long-dated nuclear ambitions.

Adani Power plans over ₹200,000 crore of investment

At the AGM, Adani said Adani Power is implementing a capital expenditure programme of more than ₹200,000 crore. The expansion is positioned as a five-year programme. The company’s stated goal is to lift generation capacity to 45 gigawatts (GW) over the next five years. The announcement is framed as a private-sector investment programme in electricity generation at a national scale. The target provides a clear reference point for how large Adani Power expects its generation platform to become within a defined timeframe. The AGM commentary did not break up the ₹200,000 crore across projects or locations, but it tied the spending plan directly to the 45 GW ambition. Adani reiterated the 45 GW target more than once in the AGM narrative.

45 GW target: what the company said and the time frame

Adani’s AGM remarks put a five-year window around the 45 GW target. That time framing matters because it suggests a defined build cycle rather than an open-ended pipeline. The chairman described the programme as the country’s largest private-sector investment programme in electricity generation. The statement also ties the capacity goal to a broader integrated power platform spanning thermal, renewable, hydroelectric, and gas-based generation, along with transmission. While the AGM notes do not provide plant-wise details, they are explicit about the scale and the deadline. The 45 GW target was presented as a central milestone for Adani Power’s next phase.

Nuclear entry through Adani Atomic Energy: 10 GW by 2035

A second major announcement from the AGM was a planned move into nuclear energy. Adani said the group has formally entered the nuclear power business through Adani Atomic Energy. He said land has already been identified, and the group is targeting 10 GW of nuclear capacity by 2035. In his address, he positioned nuclear as part of meeting India’s growing requirement for “clean” and round-the-clock power. The AGM comments did not specify reactor technology, project partners, or timelines between now and 2035, but they did set a headline capacity goal. The 10 GW target creates a long-duration investment theme alongside the nearer five-year build-out in thermal generation.

AESL order book expands to ₹72,000 crore

On the networks side, Adani said Adani Energy Solutions has expanded its transmission order book to ₹72,000 crore. He said AESL secured several major projects during the year. One project highlighted at the AGM was the Khavda–South Olpad HVDC transmission line. Adani said the project reinforces AESL’s position as India’s only private-sector player with proven HVDC capabilities. The AGM statement is notable because HVDC corridors tend to be associated with long-distance, high-capacity evacuation, especially for large generation clusters. The order book figure is the clearest single number that indicates AESL’s near-to-medium-term execution runway.

Project and pipeline disclosures referenced in company updates

The broader set of numbers in the provided material includes AESL’s operational disclosures across different periods. A company update dated Ahmedabad, 23 January 2025, said that during the quarter it secured a new transmission project, the WRNES Talegaon line. It also said that with the Talegaon project, the under-construction order book stood at ₹59,304 crore. Another update dated Ahmedabad, 24 July 2025, said the near-term tendering pipeline in transmission was about ₹89,864 crore (also described elsewhere as about ₹90,000 crore). That July 2025 update also stated the company expects to fully commission North Karanpura, WRSR (Narendra–Pune), Mumbai HVDC and Khavda Phase-III-A (Halvad) in FY26, in addition to three lines commissioned in Q1 FY26. These disclosures provide additional colour on what sits beneath the headline order book expansion mentioned at the AGM.

Key numbers at a glance

Market and sector context from the disclosures

The AGM narrative ties together generation and transmission as part of a single integrated platform. The emphasis on HVDC highlights a focus on moving large volumes of power over long distances, which aligns with big generation clusters and national load centres. The five-year generation build-out and the transmission order book expansion are framed as parallel tracks, one building capacity and the other enabling evacuation and grid integration. The nuclear target adds a third layer, positioned as a long-term answer to round-the-clock electricity demand. Importantly, the statements are presented as targets and project references rather than detailed commissioning guidance for each asset. That makes the disclosed timelines and order book figures the most measurable parts of the roadmap.

Why the AGM announcements matter

The ₹200,000 crore capex plan and 45 GW target set a clear scale for Adani Power’s next investment cycle. For AESL, a ₹72,000 crore order book signals multi-year visibility on transmission execution, with HVDC cited as a differentiator. The nuclear entry, with a 10 GW by 2035 target and land identified, signals intent to participate in a tightly regulated segment, though the disclosures stop short of providing project structure details. Taken together, the AGM statements show an attempt to expand across generation types while keeping transmission expansion in step. The next set of material updates for investors would likely be those that add project-level granularity to capacity additions and commissioning schedules, and any further disclosures around how the nuclear plan will be executed.

Conclusion

At the AGM, Gautam Adani laid out three concrete energy markers: Adani Power’s plan to spend more than ₹200,000 crore to target 45 GW in five years, AESL’s transmission order book rising to ₹72,000 crore, and a nuclear ambition of 10 GW by 2035 via Adani Atomic Energy. The immediate focus remains execution on generation capacity expansion and transmission project delivery, while the nuclear plan sits on a longer horizon with land identified and a stated capacity goal.