Adani Power Targets 41.87 GW by FY32 with ₹2 Lakh Crore Capex

Introduction

Adani Power Ltd has announced a significant upward revision of its long-term installed capacity target to 41.87 gigawatts (GW) by the financial year 2032. To support this ambitious goal, the company has committed a capital expenditure of approximately ₹2 lakh crore. This move signals one of the most aggressive expansion plans by a private-sector player in India's thermal power industry, positioning the company to meet the country's multi-decade rise in electricity demand.

A Strategic Leap in Capacity

The revised target represents a substantial increase from Adani Power's previous goal of 30.67 GW by FY30. With a current operational capacity of 18.15 GW, the new plan involves adding a pipeline of 23.72 GW. Company sources have confirmed that this entire expansion pipeline is fully secured, with land already in possession and key equipment orders placed. This proactive approach ensures that the projects can proceed without significant delays, strengthening the company's role in India's energy security.

Fueling India's Growth Engine

Adani Power's accelerated growth strategy is a direct response to India's surging power consumption. Driven by rapid industrial growth, urbanization, and rising household consumption, the nation's peak power demand is projected to climb from the current 250 GW to 400 GW by 2031-32 and potentially exceed 700 GW by 2047. While renewable energy capacity is expanding, thermal power remains critical for providing stable, baseload supply and ensuring grid stability. The Indian government has also set a target of adding 100 GW of new thermal capacity by 2035 to meet this demand.

Massive Capital Outlay for Greenfield Projects

The committed ₹2 lakh crore (approximately USD 22 billion) in capital expenditure through FY32 is the largest by any private-sector thermal power producer in India. This investment will fund multiple ultra-supercritical greenfield projects across several states. The company has already won competitive power supply tenders in Uttar Pradesh, Bihar, Madhya Pradesh, and Assam, laying the groundwork for this expansion. During the calendar year 2025, the company's capacity grew from 17,550 MW to 18,150 MW, partly through the acquisition of Vidarbha Industries Power Ltd.

Key Project Investments

Several large-scale projects have been announced to drive this capacity growth. These initiatives are designed to use high-efficiency technology to minimize emissions and conserve water.

Diversification and Fuel Security

While thermal power remains its core focus, Adani Power has also diversified its portfolio by entering the hydropower segment. The company signed an agreement with Bhutan’s Druk Green Power Corporation for the 570 MW Wangchhu hydroelectric project. To ensure a stable fuel supply for its thermal plants, Adani Power has secured approval to operationalize the Dhirauli captive coal mine in Singrauli, Madhya Pradesh. This mine has a peak production capacity of 6.5 million tonnes per annum and geological reserves of about 558 million tonnes, significantly enhancing the company's fuel security.

Market Impact and Future Outlook

Adani Power's expansion is expected to have a substantial economic impact, creating large-scale employment during both the construction and operational phases of its projects. The company is also focusing on skill development initiatives in the regions where it operates. For 2026, the company's priorities include accelerating the construction of new thermal projects, ramping up captive coal mining, expanding its hydro partnerships, and increasing digitalization to improve operational efficiency and reliability. This clear roadmap aims to ensure the timely achievement of its FY32 capacity target, solidifying its position as a leader in the Indian power sector.