India’s vision of a greener economy has been heavily bolstered. The Mukesh Ambani-led Reliance Industries Limited (RIL) announced its entry into the green energy business. Following the footsteps of industry pioneers like Tata and Adani, Ambani revealed in RIL’s annual general meeting (AGM) that a total investment of Rs 75,000 crores would be made in green power over the course of three years.
An investment to the tune of Rs 60,000 crores would be made in building four gigafactories in Jamnagar Gigacomplex. The company’s long-term target is to achieve at least 100GW of solar energy capacity by 2030. The gigafactories would be used to manufacture critical components of New Energy eco-systems like solar photo-voltaic modules, batteries, electrolysers, fuel cells, etc.
The company has already started work on the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. Chairman Mukesh Ambani explained the rationale behind the move saying, "Jamnagar was the cradle of our old energy business. Jamnagar will also be the cradle of our new energy business." An additional Rs 15,000 crores has also been earmarked for developing supply chains, making value additions, fostering partnerships and perfecting technologies.
Such a roadmap devised by the RIL supremo will put Gujarat and India on the map again. Gujarat, in particular, has been the preferred destination of many renewable companies. Joining the ranks of Tata, ReNew Power and Adani, Ambani has also been commissioning numerous projects across the state.
Given the presence of industry stalwarts like Tata and Adani, Ambani’s foray into the green power business is hardly a surprise given the preference of cleaner sources of power as India races to meet its COP21 targets. Tata Power has a solar generation capacity of 1,705MW and is continuously working on increasing the numbers. It recently announced that its Bengaluru facility had been expanded to increase the production capacity of solar cells and modules to an impressive 1,100MW.
Adani Green Energy has also been churning out spectacular figures. The renewable energy arm of the Gautam Adani-led conglomerate is very close to realizing its aim of reaching 25GW of renewable energy portfolio by 2025. Its total operational solar power capacity stands at 3,023MW, with another 8,150MW in the pipeline. Some of its notable projects include the 648MW Kamuthi solar plant in Tamil Nadu and the 100MW solar PV plant in Bathinda, Punjab, the latter being India’s largest single axis tracker-based solar PV project.
India’s renewable sector has seen a massive transformation in the span of a few years. Power Minister RK Singh said that at least Rs 5.2 lakh crores had been invested in the nation’s renewable energy sector in the past seven years. The presence of players like Tata, ReNew Power, Adani, Ambani, etc., assumes a lot of significance when you look at the bigger picture. India’s objective to reach 175GW of renewable energy by 2022 is very much obtainable when you consider the presence of big names in the sector.
Published by Miller