Adani Power Expansion 2025: Stunning 24 GW Thermal Plan Set to Transform India’s Energy Future

Adani Power is looking at the future of thermal energy in a way no other private company does. The company plans to add approximately 24 GW of thermal capacity by FY32, representing 30% of the country's total capacity by 2032.

India’s Largest Private Sector Investment in Thermal Energy: The company has stated that it may spend ₹2 lakh crore to expand capacity, representing the largest private sector capex in this sector. Its target is to reach 41.87 GW of thermal capacity by FY32, up from the current 18.15 GW. Only the state-owned company NTPC is ahead of Adani in its thermal capacity expansion target, with plans to add 30 GW by FY32.

NTPC vs Adani Power: Who Leads India’s Thermal Race?

Only the state-owned company NTPC is ahead of the Adani Group in its thermal capacity expansion target, with plans to add 30 GW by FY32. Adani Power has signed thermal power purchase agreements (PPAs) with state power distribution companies.

Coal Allocation Under Shakti Policy: Adani Power Gains Maximum Share

As of September 2025, the total coal allocation to state discoms for new PPA bids under the Shakti Policy was 30 GW. In an investor presentation, the company stated that PPAs awarded by state discoms with previously disclosed coal linkages totaled 17.7 GW, of which 12.3 GW was awarded to Adani Power.

How Many Thermal Projects Does Adani Have?

13 projects with 23.72 GW of locked-in capacity - The company has 23.72 GW of locked-in capacity across 13 projects, which it plans to complete by FY32, and

12.35 GW of this is already supported by PPAs - It has signed PPAs for 12.35 GW. Thermal power capacity is projected to increase from 247 GW in FY25 to 309 GW by FY32. This will require an additional 80 GW of coal-fired plants and an investment of $91 billion.

Tata Power and JSW Energy: Their Thermal Plans Compared

While Tata Power says it is considering thermal projects despite its focus on renewable energy, JSW Energy is also adding selected thermal projects. Tata has not set a target for increasing thermal capacity. Currently, Tata Power's thermal capacity is 8.9 GW. JSW Energy, with an installed thermal capacity of 5.6 GW, is looking to increase it to 9 GW by 2030.

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