Adani Power Ltd has raised its long-term installed capacity target to 41.87 gigawatt (GW) by FY32 and committed capital expenditure of about Rs 2 lakh crore, signalling one of the most aggressive private-sector expansion plans in India’s thermal power industry.

Sources said the company has lined up an aggressive expansion plan to help India meet a multi-decade rise in electricity demand. The revised target marks a sharp step-up from the company’s earlier plan of 30.67 GW by FY30, they said.

Adani Power operates 18.15 GW of generation capacity, implying an additional pipeline of 23.72 GW, which the company said is fully secured with land in possession and key equipment orders already placed.

Sources said it has committed around Rs 2 lakh crore ($ 22 billion) in capital expenditure through FY32, the largest by a private-sector thermal power producer, and said its entire planned expansion pipeline of 23.72 GW is secured with land and key equipment orders in place.

The company has accelerated its growth plans as India enters a prolonged phase of rising electricity demand, expanding capacity, securing large power supply contracts and committing record capital expenditure to strengthen its role in the country’s energy security.

India’s peak power demand is projected to rise sharply, driven by industrial growth, urbanisation and higher consumption. While renewable capacity is expanding rapidly, thermal power continues to provide baseload supply and grid-balancing support.

Industry estimates indicate India’s peak power demand could rise from about 250 GW currently to 400 GW by 2031–32 and exceed 700 GW by 2047. The government has set a target of adding 100 GW of new thermal capacity by 2035. During calendar year 2025, Adani Power increased generation capacity from 17,550 MW to 18,150 MW, including the acquisition of Vidarbha Industries Power Ltd, a 2x300 MW plant near Nagpur.

Adani Power also reported winning competitive power supply tenders across Uttar Pradesh, Bihar, Madhya Pradesh and Assam, and announced multiple ultra-supercritical greenfield projects.

Key projects announced in 2025 include a 1,500 MW project in Uttar Pradesh with an investment of about $ 2 billion, a 2,274 MW project in Bihar involving a $ 3 billion investment, a 1,600 MW ultra-supercritical project in Madhya Pradesh with an investment of Rs 21,000 crore, and a 3,200 MW greenfield project in Assam with an investment of Rs 48,000 crore.

The company also entered the hydropower segment through an agreement with Bhutan’s Druk Green Power Corporation for the 570 MW Wangchhu hydroelectric project.