Adani Power’s ₹2 Lakh Crore Bet: The Race to Dominate India’s Thermal Energy Future Published By Anupam Nath India’s power sector is on the brink of massive transformation, and Adani Power has placed its biggest bet yet. The company plans to add nearly 24 GW of new thermal capacity by FY2032, taking its total installed base to 41.87 GW — more than double its current capacity of 18.15 GW. With an ambitious ₹2 lakh crore investment, this move marks one of the largest private‑sector capital expenditures in India’s energy history.In an era when renewable energy dominates most corporate conversations, Adani Power’s strategy stands out. While many players are shifting aggressively toward solar and wind, Adani appears to be balancing short‑term grid stability with long‑term renewable expansion. Thermal power, despite its carbon footprint, still plays a crucial role in ensuring uninterrupted base‑load supply across India’s rapidly growing industrial and urban centers.The new capacity addition plan places Adani Power just behind NTPC, India’s largest state‑owned power producer, which targets an additional 30 GW by 2032. According to Adani’s investor presentation, the company already holds 13 projects with 23.72 GW of locked‑in capacity, supported by 12.35 GW of power purchase agreements (PPAs) with various state distribution companies (DISCOMs). Under the Shakti Policy, coal linkage allocations totaling 30 GW have been announced for state DISCOMs, out of which Adani has secured a major share — around 12.3 GW.Industry analysts believe this aggressive expansion aligns with India’s projected rise in thermal capacity — expected to grow from 247 GW in FY2025 to 309 GW by FY2032. Achieving this overall target will require roughly 80 GW of new coal‑based plants and a whopping $91 billion in investment nationwide.While Adani Power is sprinting ahead, other private players are treading more carefully. Tata Power has stated that its core focus remains on renewable energy but hasn’t ruled out selective thermal projects. JSW Energy, with a current installed thermal base of 5.6 GW, plans to reach 9 GW by 2030 — far short of Adani’s massive ambition.Experts say this contrast reflects the evolving energy equation in India: a balance between growing green targets and immediate power reliability needs. Adani Power’s strategic positioning might give it a first‑mover advantage in meeting the surging electricity demand while others play defense.If executed successfully, Adani Power could reshape India’s thermal energy landscape — not by resisting change, but by timing it. The company’s scale, coal linkages, and long‑term contracts provide both security and influence in policy circles, marking a critical phase in India’s journey toward energy self‑reliance.
