Reliance Industries Limited (RIL) has formed Reliance New Energy Solar Limited (RNESL), investing ₹100,000 (~$1342) for 10,000 equity shares of ₹10 (~$0.13) each.

In its BSE filing, the company said RNESL is incorporated to undertake activities related to solar energy, and it is yet to commence its business operation. The company added that the investment in RNESL does not fall within related party transactions, and the promoter does not have any interest in RNESL.

Last month during the 44th Annual General Meeting of RIL’s shareholders, Mukesh Ambani, Chairman, Managing Director, and the largest shareholder of RIL, announced that RIL would invest ₹750 billion (~$10 billion) to develop an integrated solar photovoltaic facility, advance energy storage battery manufacturing unit, green hydrogen plant, and fuel cell facility in the Jamnagar district of Gujarat.

Ambani also said that RIL has started developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres of land in Jamnagar.

Vijay Rupani, Chief Minister of Gujarat, also welcomed the announcement by Mukesh Ambani to set up the green energy complex in Jamnagar. He tweeted that the project would place Gujarat as an important hub of green energy on the global map. Rupani said that the project would help provide new opportunities for jobs and businesses. It would also enhance the social and economic development of the area, he added in his tweet.

RIL also has plans to build two additional divisions. The ‘Renewable Energy Project Management and Construction Division’ will provide gigawatt-scale end-to-end solutions for large renewable projects worldwide. It will enable and partner with thousands of green micro, small and medium enterprise entrepreneurs, who can deploy kilowatt to megawatt-scale solutions in agriculture, industry, residences, and transportation.

The Renewable Energy Project Finance Division will provide financial solutions to the stakeholders, providing a platform to source long-term global capital for green investments at attractive terms.

To achieve GW-scale manufacturing capacity of solar modules, the Union Cabinet approved the Ministry of New & Renewable Energy’s proposal to implement the production-linked incentive program under the ‘National Program on High-Efficiency Solar Photovoltaic Modules’ in April 2021. With this, many conglomerates are joining the renewable energy manufacturing drive.

In November 2020, RIL also signed a definitive agreement to invest up to $50 million in Breakthrough Energy Ventures II, a fund started by Bill Gates in 2015. Through this fund, a global group of private investors would support companies that are taking innovative clean-energy ideas out of the lab and into the marketplace.