RIL ready to double its green energy investment to ₹1.5 trillion
Reliance Industries Ltd (RIL) said it is committed to double its investment target for green energy to ₹1.5 trillion, as part of the company’s initiatives to expand its renewable energy portfolio. In 2021, RIL announced an investment of ₹75,000 crore to build its new energy business. “Once proven at scale, RIL is prepared to double the investment to scale up its manufacturing ecosystem.
The investment of ₹75,000 crore with a readiness to double investment will further the company’s goals related to energy transition, enhance renewable energy usage and operational economic efficiency, and broaden focused research for the new energy business," according to the company’s latest annual report. A person in the know of RIL’s investment strategy for new energy, said it has already invested around ₹50,000 crore to develop a green energy Giga complex at Jamnagar in Gujarat. “It plans to invest at least ₹1.5 trillion in total into green energy capacities.
After the initial ₹75,000 crore, the exact resources and areas where additional ₹75,000 crore will be invested is still to be decided," he said. “RIL invested in and formed partnerships with leading companies in the fields of solar power, batteries and electrolysers," the company said in the report. RIL is in advanced talks with leading electrolyser technology players globally to establish a Giga-scale electrolyser manufacturing facility in Jamnagar, it added.
“After proving cost and performance targets, the company also aims to progressively commence the transition from grey to green hydrogen by 2025," according to the report. RIL has been making significant progress in developing the Dhirubhai Ambani Green Energy Giga Complex, spread over 5,000 acres at Jamnagar. The ₹75,000
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