Adani Power is targeting thermal power capacity addition of 23,720 MW by FY32 with an estimated capital expenditure of ₹2 trillion. This will include 22,400 MW through 12×800 MW ultra-supercritical projects and 1,320 MW through 2×660 MW supercritical projects. 

In its presentation to stakeholders at the annual general meeting on Thursday, the company said that, as part of the expansion plan, it has locked in nine brownfield expansions and four greenfield projects. It has ensured land availability and power purchase agreements (PPAs) for 13,320 MW of capacity, the company said. 

It added that construction of 7,720 MW of capacity is underway, including brownfield expansions at the Mahan, Raipur and Raigarh sites and greenfield projects at the Mirzapur site. The company’s current installed capacity is 18,330 MW.

The company is developing 5 GW of hydroelectric power capacity in Bhutan in partnership with Druk Green Power Corporation to supply electricity to both countries. 

In FY26, it acquired Vidarbha Industries Power’s 600 MW Butibori power plant at an acquisition value of ₹4,000 crore and Jaiprakash Associates’ 1,800 MW power plant in Churk, Uttar Pradesh, at an acquisition value of ₹4,194 crore.