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