The investment in renewable energy will help the company to meet environmental, social and governance (ESG) targets. Credit: zhengzaishuru via Shutterstock.com.

Indian cement and building material manufacturer Ambuja Cements has unveiled plans to invest Rs60bn ($722m) in clean energy projects.

Part of Adani Group, Ambuja Cements is targeting 1GW of renewable energy capacity through solar and wind energy generation assets in the states of Gujarat and Rajasthan.

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In Gujarat, the company is aiming for 600MW of clean energy from solar facilities and 150MW from wind energy projects.

In Rajasthan, it is targeting 250MW of capacity from solar power projects.

The company plans to achieve 200MW by March 2024 and the full target by 2026, in addition to its existing 84MW of solar and wind power.

Ambuja Cements stated in its exchange filing: “With the lower cost of generation from green power, our power cost will come down from Rs6.46 per kilowatt hour (kWh) to Rs5.16/kWh. A reduction of Rs1.30/kWh (20%) translates into Rs90 per metric ton of cement by the financial year 2028.”

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Investment in renewable energy will help the company meet its ESG targets.

Adani Group cement business CEO Ajay Kapur said: “This strategic investment reaffirms our steadfast commitment to sustainable practices. We are not just aiming for a substantial increase in green power capacity but setting the stage for a transformative shift in the cement industry.

“They align not only with our growth trajectory but also with the national objective of decarbonisation and a greener future, and this helps us become competitive and sustainable. The adjacencies within the group will further catalyse benefit realisation.

“With all requisite approvals in place, we are on an accelerated path to not just meet but exceed our committed ESG targets well before our initial timelines.”

Ambuja Cements also plans to increase its waste heat recovery systems capacity from the current 103MW to 397MW up to 2028.

In May 2022, Adani Group announced that it would invest Rs600bn in two green energy projects in the Indian state of Andhra Pradesh.