Reliance Industries Limited announces ₹75,000 crore green energy plan to build four Giga factories
Jun 25, 2021, 08:37 IST
As part of its vision for the company's rapid transition to a new era of green, clean and renewable energy, the Chairman and Managing Director of Reliance Industries Limited (RIL), Mukesh Ambani, on Thursday unveiled the strategy and roadmap for its New Energy and New Materials business with an investment of ₹75,000 crore over a period of three years.
During the 44th annual general meeting of RIL, Ambani said the investment would go into the setting up of four Giga factories that will manufacture and fully integrate all the critical components of the new energy ecosystem involving production of solar energy, storage of intermittent energy, production of green hydrogen and converting hydrogen into motive and stationary power. Reliance will invest 60,000 crore on these initiatives in the next three years. The rest 15,000 crore is kept for value chain, partnerships and future cost in the same time frame.
Ambani said the company has started work on developing the Dhirubhai Ambani Green Energy Giga Complex over an area covering 5,000 acres in Jamnagar, Gujarat, which will be among the largest integrated renewable energy manufacturing facilities in the world.
"Jamnagar was the 'cradle of our old energy business'. It will also be the 'cradle of our new energy business'," Ambani said at the AGM.
Reliance will establish and enable at least 100 GW of solar energy by 2030 with a significant part of this coming from rooftop solar and decentralised solar installations in villages, he said.
It will also set up an Advanced Energy Storage Giga Factory that will be used to produce large-scale grid batteries to store the energy that is created.
The third initiative of the company would be the setting up of an Electrolyser Giga Factory to manufacture modular electrolysers of highest efficiency and lowest capital cost. These can be used for captive production of green hydrogen for domestic use as well as for global sale.
The fourth initiative will be a Fuel Cell Giga Factory. A Fuel Cell uses oxygen from the air and hydrogen to generate electricity.
"In 2016, we had launched Jio with the aim of bridging the Digital Divide in India. Now in 2021, we are launching our New Energy business with the aim of bridging the green energy divide in India and globally," Ambani said.
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During the 44th annual general meeting of RIL, Ambani said the investment would go into the setting up of four Giga factories that will manufacture and fully integrate all the critical components of the new energy ecosystem involving production of solar energy, storage of intermittent energy, production of green hydrogen and converting hydrogen into motive and stationary power. Reliance will invest 60,000 crore on these initiatives in the next three years. The rest 15,000 crore is kept for value chain, partnerships and future cost in the same time frame.
Ambani said the company has started work on developing the Dhirubhai Ambani Green Energy Giga Complex over an area covering 5,000 acres in Jamnagar, Gujarat, which will be among the largest integrated renewable energy manufacturing facilities in the world.
"Jamnagar was the 'cradle of our old energy business'. It will also be the 'cradle of our new energy business'," Ambani said at the AGM.
Reliance will establish and enable at least 100 GW of solar energy by 2030 with a significant part of this coming from rooftop solar and decentralised solar installations in villages, he said.
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The third initiative of the company would be the setting up of an Electrolyser Giga Factory to manufacture modular electrolysers of highest efficiency and lowest capital cost. These can be used for captive production of green hydrogen for domestic use as well as for global sale.
The fourth initiative will be a Fuel Cell Giga Factory. A Fuel Cell uses oxygen from the air and hydrogen to generate electricity.
"In 2016, we had launched Jio with the aim of bridging the Digital Divide in India. Now in 2021, we are launching our New Energy business with the aim of bridging the green energy divide in India and globally," Ambani said.
SEE ALSO:
Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban
There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense
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