RIL AGM 2022: Reliance Industries Chairman Mukesh Ambani on Monday said the company will establish 20 gigawatts (GW) of solar energy generation capacity by 2025 and 100 GW by 2030. He added that the New Energy business is the company’s newest growth engine driven by ‘We Care’ philosophy.
Addressing the company’s 45th annual general meeting, RIL Chairman Mukesh Ambani said, “The advent of the Industrial Revolution about 250 years ago triggered a continuous wave of economic growth across the world. But this growth has come at a great cost to the environment. Climate Change has endangered the very future of human life and every other life form. Clearly, this model of growth is no longer sustainable.”
He added that decarbonising the global economy will require multi-decade investments in green and clean energy to the tune of $5 trillion per year globally. This also offers unprecedented opportunities for multi-decade growth.
Reliance is also building an over 5,000 acres a new Solar Giga factory, the Dhirubhai Ambani Green Energy Giga Complex, in Jamnagar, India. It will be one of the largest integrated renewable energy manufacturing facility in the world, and will embrace high-power solar panels based on advanced technology, storage, electrolyser, e-mobility, R&D and basic raw materials.
Ambani said, “I had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. Our aim is to establish and enable at least 100GW of solar energy by 2030.”
He added that the work done so far has reafirmed its conviction in solar energy and has provided further impetus to RIL’s investment thesis to establish four giga factories — photovoltaic panels, energy storage, green hydrogen and fuel cell system.
“In addition to solar energy, we are also actively progressing on bio-energy, offshore wind and other non-conventional forms of renewable energy, and will continue to expand our manufacturing ecosystem,” he said.
The RIL chairman said the company’s captive energy requirement across businesses provides it with a large base-load demand to support its plans to set up giga-scale manufacturing. “It will accelerate our commitment to invest `75,000 crore towards establishing our fully integrated New Energy manufacturing ecosystem in Jamnagar.”
Reliance Industries Ltd (RIL) has set a target of achieving net-zero carbon by 2035 and is investing over $10 billion (Rs 75,000 crore) in building the most comprehensive ecosystem for New Energy and New Materials in India to secure the promise of a sustainable future for generations to come.
Earlier this year, in January 2022, RIL also signed a memorandum of understanding with the Gujarat government to invest a total of Rs 5.95 lakh crore in the next 10-15 years. RIL also plans to invest Rs 60,000 crore in setting up new energy manufacturing-integrated renewable manufacturing — Solar PV Module (manufacture of Polysilicon, wafer, cell and module); Electrolyzer; Energy-storage Battery; Fuel Cells.
Further, Rs 25,000 crore of investments will be made by RIL in existing projects and new ventures over next 3 to 5 years. RIL has also proposed to invest Rs 7,500 crore over 3 to 5 years for Jio Network upgradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.
In October last year also, RIL subsidiary Reliance New Energy Solar Ltd (RNESL) acquired REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd, for an enterprise value of $771 million.
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