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Adani Power has raised its thermal capacity expansion target to 41 GW by 2032, the largest plan announced by a private player in India's power sector. The revised goal, up from 30 GW earlier, adds 11 GW and supports the government's push to expand thermal capacity by 80 GW by FY32. The new addition, requiring INR 1.8 lakh crore investment, will be largely funded through internal accruals, with INR 1.12 lakh crore expected to be available for capex over six years. Adani has already placed advance BTG equipment orders for 23,720 MW, giving it a competitive edge. Its current portfolio stands at 18,150 MW across six states.
Adani Power, the country's largest private sector power producer, has revised its thermal capacity expansion plan to 41 GW by 2032, making it the biggest capacity addition target announced so far by a private player. The company had earlier aimed for 30 GW and in May, 2025 outlined plans to reach 30.67 GW by 2030. The latest revision adds 11 GW and aligns with the government's goal of expanding thermal capacity by at least 80 GW by fiscal 2032. Advertisement
This marks the largest expansion plan from a private sector company in the segment. By comparison, NTPC has raised its public sector target to 30 GW of new thermal capacity by 2032, up from its earlier plan of 26,000 MW for 2030-32.
The 11 GW addition will require an investment of nearly INR 1.8 lakh crore, which Adani Power intends to fund largely from internal accruals. In FY25, the company reported fund flow from operations (FFO) of INR 20,506 crore. Over the next six years, the existing fleet is projected to generate INR 1.23 lakh crore. After debt repayment of INR 11,000 crore, about INR 1.12 lakh crore will remain available for capital expenditure during the period.
In an investor presentation released last week, Adani Power said it has already placed orders for boilers, turbines, and generator (BTG) sets covering 23,720 MW of greenfield and brownfield projects. The company stated that placing advance orders for BTG equipment would give it a competitive edge in bringing projects onstream ahead of others.
The current operating portfolio stands at 18,150 MW of coal-based capacity across six states, comprising 9,270 MW acquired and 10,840 MW built organically. Construction is underway on three brownfield projects of 300 MW each at Mahan in Madhya Pradesh, as well as expansion projects of 1,320 MW each at Raipur and Raigarh in Chhattisgarh.
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