The purchase would be yet another shot in the arm for Adani, who has been seeking global investors and has committed to spend as much as $70 billion by 2030 across the green-energy value chain.

India does not currently possess offshore wind capacities but plans to reach a 30 GW capacity by 2030.

The Assam state, located in northeastern India, recently commissioned a 70 MW solar power project, and 100 MW are currently under construction.

India, one of the world’s biggest fossil fuel importers, is also seeking to cut its reliance on oil given its import bill is expected to almost double to $300 billion in the coming decade

Asia is expected to account for about 40% of global incremental crude runs in 2022, with the US and Europe accounting for about 30% and 18%, respectively.

India imported 54% of its oil needs and 56% of its gas needs in 2020. After coal (44%), oil represented 24% of the country’s total consumption in 2020, against 6% for natural gas. As of 2021, India's oil reserves are estimated at 4,530 mbl and its gas reserves at 1,372 bcm.

While many Western buyers are avoiding Russian crude in response to its invasion of Ukraine, Indian private refiners such as Reliance and Nayara have been among the biggest buyers this year of discounted Russian supplies.

Renewable energy now forms a quarter of India’s total installed power capacity – 110 gigawatts (GW) as of March 2022 – and accounts for 13% of the country’s electricity generation.

India imported 84% of its oil needs and 54% of its gas needs in 2020. After coal (44%), oil represented 44% of the country’s total consumption in 2020, against 6% for natural gas.

It would be the first time since 2015 that Coal India has imported the fuel, highlighting efforts by state and federal officials to stock up to avoid a repeat of April, when India faced its worst power cuts in more than six years.