A bulk of the investment, at INR5 trillion ($67.3bn), is proposed to be spent by the Indian conglomerate to set up a 100GW renewable energy power plant as well as for developing a green hydrogen ecosystem
Reliance Industries has signed a memorandum of understanding (MoU) with the Gujarat government to invest INR5.955 trillion ($80bn) in green energy and other projects in the western India state.
Announced as part of the investment promotion activity for Vibrant Gujarat Summit 2022, the investment will create a million direct/indirect job opportunities in Gujarat, said the Indian conglomerate.
A bulk of the investment, at INR5 trillion ($67.3bn), is proposed to be spent over a span of 10-15 years to set up a renewable energy power plant with a capacity of 100GW as well as for developing a green hydrogen ecosystem. The investment is expected to help make Gujarat net zero and carbon free, said Reliance Industries.
The Indian group plans to build an eco-system for small and medium enterprises (SMEs) to help entrepreneurs embrace new technologies and innovations that involve the captive use of both renewable energy and green hydrogen.
Reliance Industries said that in consultation with the government of Gujarat, it has initiated the process of searching land for its renewable energy power project in Kutch, Banaskantha, and Dholera.
The Indian conglomerate said that it is pursuing 4.5 lakh acres of land located in Kutch.
Reliance Industries will also invest INR600bn ($8.08bn) to gain capabilities in new energy manufacturing and integrated renewable manufacturing. The investment will be used towards manufacturing solar photovoltaic (PV) modules, electrolysers, energy storage batteries, and fuel cells.
Last year, the Indian conglomerate revealed plans to become a net carbon zero organisation by 2035. In this process, the group announced a three-year investment of INR750bn ($10.1bn) in clean energy initiatives. Subsequently, Reliance Industries had established its new energy business.
In Gujarat, the group has already been developing the Dhirubhai Ambani Green Energy Giga Complex, which will be an integrated renewable energy manufacturing facility. Furthermore, Reliance Industries aims to build four giga factories in India, which will be used for manufacturing and fully integrating all the major components of the clean energy ecosystem.