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June 25, 2021updated 29 Jun 2021 8:51am

Reliance Industries plans to invest $10.1bn in clean energy

By 2030, Reliance plans to develop at least 100GW of solar power generation capacity and invest in a carbon fibre plant.

By Srivani Venna

Indian refining giant Reliance Industries has announced plans to invest $10.1bn (Rs750bn) in clean energy during the next three years.

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Reliance’s latest move to invest in renewables comes as the environmental impact of fossil fuels is scrutinised by investors as well as regulators.

As part of this, the company plans to build four ‘giga factories’ in the state of Gujarat’s Jamnagar.

At the company’s annual general meeting with shareholders, Reliance Industries chairman and managing director Mukesh Ambani said that the giga factories will manufacture and completely incorporate all components of the green energy ecosystem.

The four giga factories consist of an integrated solar photovoltaic factory which will manufacture solar modules and panels, an advanced energy storage battery facility, an electrolyser unit to produce green hydrogen, and a fuel cell unit.

Using oxygen from air and hydrogen, the fuel cell unit will produce energy and emit out non-polluting water vapour.

By 2030, Reliance plans to develop at least 100GW of solar power generation capacity and invest in a new carbon fibre plant.

The complete green energy infrastructure, which is being developed on a 5,000 acres area in Jamnagar, will be known as Dhirubhai Ambani Green Energy Giga Complex.

With this infrastructure, Gujarat and India are expected to become a hub of solar energy.

Ambani further added that Jamnagar, which was the hub of the company’s old energy business, will now be a hub for its new clean energy business.

In order to facilitate the establishment of large renewable plants across the globe and provide finance to developers, Reliance will also set up the Renewable Energy Project Management and Construction Division and Renewable Energy Project Finance Division.

Last year, Reliance Industries announced its commitment to become net carbon zero within 15 years.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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