Reliance Industries Limited (RIL) has signed a memorandum of understanding (MoU) with the Government of Gujarat to invest ₹5.955 trillion (~$80.61 billion) in renewable projects as a part of the investment promotion activity for the Vibrant Gujarat Summit 2022.
Reliance said that it proposes to invest ₹5 trillion (~$67.69 billion) in the state to set up 100 GW of renewable energy projects and a green energy ecosystem over 10 to 15 years to make Gujarat a carbon-free and net-zero state.
The company has also started scouting land for 100 GW renewable energy projects in Kutch, Banaskantha, and Dholera. It has also requested 450,000 acres of land in Kutch.
Reliance proposes encouraging small and medium enterprises to embrace new technologies and facilitate the growth of captive use of renewable energy and green hydrogen.
The company also said it would invest another ₹600 billion (~$8.12 billion) to set up new energy manufacturing and integrated renewable energy manufacturing facilities that would include solar module manufacturing (polysilicon, wafers, cells, and modules), electrolyzer, battery energy storage system (BESS), and fuel cells.
Further, ₹250 billion (~$3.38 billion) will be invested in existing projects and new ventures over the next three to five years.
Reliance New Energy Solar Limited, Reliance’s green energy arm, recently signed an agreement with sodium-ion battery technology provider Faradion Limited to acquire a 100% stake for £94.42 million (~$127.42 million). The proposed acquisition is part of a series of investments and acquisitions Reliance has made in recent months.
Last month, Reliance Industries availed $736 million (~₹54.27 billion) equivalent green loans from five banks to fund its acquisition of Norway-headquartered solar cells, modules, and polysilicon manufacturer REC Solar Holdings.
In June last year, Reliance Industries had announced that it would invest ₹750 billion (~$10 billion) to build an integrated solar photovoltaic (PV) factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility in Gujarat’s Jamnagar. The project is slated to be one of the largest integrated renewable energy manufacturing facilities globally.
Rakesh is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). More articles from Rakesh Ranjan.