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Reliance Industries AGM 2022 | Plan to accelerate Rs 75,000 crore investment in new energy: Mukesh Ambani

The previously announced Dhirubhai Ambani Green Energy Giga Complex is coming up over a 5,000-acre facility in Jamnagar, with an aim to establish and enable at least 100GW of solar energy by 2030, Ambani said.

August 29, 2022 / 04:13 PM IST
Reliance Industries Ltd (RIL) chairman Mukesh Ambani

Reliance Industries Ltd (RIL) chairman Mukesh Ambani

 
 
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Reliance Industries said it expects the green power segment to emerge as a growth engine for the company and is set to double new energy investment commitments.

"Reliance plans to accelerate its committed Rs 75,000 crore investment in fully integrated New Energy manufacturing ecosystem at Jamnagar as it aims to establish 20 GW of solar energy generation capacity by 2025 for captive needs of round-the-clock (RTC) power and intermittent energy for Green Hydrogen.," billionaire Mukesh Amabani, who is pivoting Reliance Industries Ltd. (RIL) towards green energy, said at the conglomerate’s 45th Annual General Meeting (AGM) on August 29.

ALSO READ: Reliance Industries to set up new Giga Factory in power electronics

The previously announced Dhirubhai Ambani Green Energy Giga Complex is coming up over a 5,000-acre facility in Jamnagar, with an aim to establish and enable at least 100GW of solar energy by 2030, Ambani said.

“For solar PV manufacturing, Reliance acquired 100 percent stake in REC Solar, a pioneer with over 25 years of experience in solar industry, and a global technology leader in highest efficiency solar panels,” he added.

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RIL’s 10GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024, to scale up to 20GW annual capacity in a phased manner by 2026, according to the chairman.

This will be first of its kind of ‘quartz-to-module’ facility globally, which will produce everything from quartz, to metallurgical silicon, to polysilicon, to ingots and wafers, and integrate them with cells and modules.

RIL had last year shared its ambitious plan to invest Rs 75,000 crore (more than $10 billion at the time) over three years in green energy.

The investment would be towards setting up four giga-factories to manufacture and integrate all critical components of the business, and includes investment on the value chain, partnerships, and future technologies.

Subsequently, in January, Ambani said that RIL will invest close to Rs 6 lakh crore to set up green energy projects in Gujarat, and expand its retail and telecom arms.

Meanwhile, RIL aims to create an end-to-end battery ecosystem from battery materials to cell manufacturing, leading up to packs and Battery Management System (BMS), to deliver safe and reliable batteries with high energy density and fast charging capabilities.

"RIL formed strategic partnerships with Lithium Werks – a leader in LFP batteries, with Faradion – a leader in Sodium-ion batteries, and with Ambri – a leader in liquid metal batteries. Each of them is an industry disruptor with superior chemistry, leading to better performance, with less to nil dependence on noble metals that ensures supply security," Ambani said in his speech on Monday.

Reliance aims to start production of battery packs by 2023 and scale it up to a fully integrated 5 GWh per annum cell-to-pack manufacturing facility by 2024, to be scaled up to 50 GWh annual capacity by 2027.

Reliance Industries aims to be net carbon zero by 2035. The company is developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, comprising four giga-factories. These include an integrated solar photovoltaic module factory, an advanced energy storage battery factory for intermittent energy, an electrolyser factory for the production of green hydrogen, and a fuel cell factory for converting hydrogen into motive and stationary power.

In the area of green hydrogen, RIL has partnered with Stiesdal to accelerate cost reduction and commercialisation of their Pressurised Alkaline Electrolyzer technology to produce Green Hydrogen using solar power and water. In addition, the group is discussing collaboration with other leading electrolyser technology players globally to set up the Electrolyser Giga Factory at Jamnagar, Ambani said.

Also Read: RIL's 45th Annual General Meeting | Key Announcements

Reliance, which is one of the largest producers of Grey Hydrogen globally, aims to progressively transition from Grey Hydrogen to Green Hydrogen by 2025, after proving its cost and performance targets.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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first published: Aug 29, 2022 03:40 pm
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