Reliance to spend US$ 80bn in 100GW project pipeline, PV production as well as green hydrogen 'ecosystem' in India
- Reliance Industries has actually authorized a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$ 80 billion) over 10-15 years to establish 100GW of renewables and also set up green technology production centers in the state.
India's biggest privately traded business will spend the vast sum in establishing solar PV module production (consisting of polysilicon, wafer and also cell manufacturing), electrolysers used in green hydrogen production, battery energy storage system (BESS) technology and also fuel cells.
Reliance has made a variety of key investments just recently that will certainly sustain the most up to date news, including the purchase of module manufacturer REC Group, spending US$ 29 million in German wafer technology company NexWafe, acquiring a 40% stake in EPC as well as O&M remedies service provider Sterling as well as Wilson as well as stating its intentions to establish an energy storage manufacturing facility in India.
The investment has actually been made as part of the 'Investment Promotion Activity' programme for the Vibrant Gujarat Summit 2022, Reliance stated. Gujarat has been a hotbed of solar deployment in the nation, with it and three other states comprising the vast majority of renewables activity in India.
Reliance said its 'Renewable Energy Power Plant and also Green Hydrogen Ecosystem' development will assist tiny and medium enterprises (SMEs) as well as motivate the uptake of new, eco-friendly technologies in one of the world's biggest carbon emitters.
The company has actually begun looking for land for the 100GW of renewables around Kutch, Banaskantha and Dholera in Gujarat, north-west India as well as has actually currently obtained 4,500 acres of land in Kutch.
Additionally, it additionally plans to invest an added INR25,000 crore (US$ 33 billion) in existing projects and also "new ventures" over the following 3 to five years, it said in a news releases.
The news comes after the Indian government publicly stated its objective to establish a domestic PV production base to minimize reliance on foreign imports, boost exports as well as assist drive renewables implementation in the nation.