- Reliance Industries plans to develop 100 GW of renewable energy by 2030 and start solar PV production at its new 10 GW factory in December. Its goal is to double capacity by 2026.
- Reliance consolidates its balance sheet and seeks capital-raising opportunities to support its growth and expansion plans.
- Reliance will collaborate with international players to acquire advanced technologies for green hydrogen, chemicals, and energy storage, enhancing domestic manufacturing capabilities.
According to its annual report released on August 7, 2024, Reliance Industries has unveiled bold plans to become India’s largest developer of renewable energy projects. The conglomerate positions itself for significant growth in the green energy sector, reflecting a strategic shift toward sustainability.
“Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth,” Chairman Mukesh Ambani stated. The company emphasised its ongoing monitoring of financial markets to seize capital-raising opportunities essential for supporting its expansive growth plans. This economic strategy proves critical as Reliance balances its current operations with its ambitious future projects.
Reliance, renowned for operating the world’s largest refining complex in Jamnagar, Gujarat, announced a $10 billion investment in 2021 to bolster its green energy portfolio. This significant investment aligns with the company’s broader objective to achieve net-zero carbon emissions by 2035, demonstrating its commitment to addressing climate change and reducing its environmental footprint.
Simultaneously, the Adani Group, another major Indian conglomerate, makes substantial investments in green energy. Adani aims to boost its non-fossil fuel capacity, including solar and wind, to 500 gigawatts (GW) by 2030. This sets the stage for a competitive and dynamic renewable energy market in India, with both conglomerates striving to lead the sector.
Reliance will begin producing ingots and wafers at its 10 GW solar photovoltaic (PV) giga factory in Jamnagar this December. These components are crucial for producing low-cost solar cells and modules. By 2026, the company plans to double the factory’s capacity, highlighting its commitment to scaling up production to meet growing demand.
The annual report detailed, “Over the next 12 months, our focus is to bring new energy manufacturing facilities on-stream, operate them efficiently, and start developing renewable energy generation projects.” To support this goal, Reliance is developing a local supply chain to reduce import dependence. This move will enhance supply chain resilience and foster domestic manufacturing capabilities.
Reliance plans to collaborate with global players to acquire cutting-edge technologies in the new energy sector to achieve its ambitious renewable energy goals. These partnerships will support projects in green hydrogen, chemicals, and energy storage, enabling the development of end-to-end integrated renewable energy manufacturing facilities. Such collaborations prove crucial for gaining access to advanced technologies and expertise that can drive innovation and efficiency in renewable energy production.
Reliance’s strategic investments and partnerships will propel India forward in the renewable energy sector. By leveraging its existing infrastructure and financial strength, the company positions itself as a leader in sustainable energy. This initiative aims to meet India’s growing energy needs and contribute significantly to global efforts to combat climate change.
As Reliance Industries continues to execute its green energy strategy, it stands poised to play a pivotal role in the global transition to renewable energy. The company’s efforts are expected to drive significant advancements in technology, infrastructure, and sustainability practices, marking a transformative period for the company and the Indian energy landscape.