RIL announces Rs 5-lakh-cr green energy investment plan for Gujarat, 100 GW RE plant

• RIL proposes to invest Rs 5 lakh crore in the state over the span of 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development
• In consultation with government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power project in Kutch, Banaskantha and Dholera

Ahmedabad: Reliance Industries Limited (RIL) has signed a Memorandum of Understanding (MoU) with the government of Gujarat on Thursday under which it plans to invest nearly Rs 6 lakh crore on developing various green energy projects, telecom network and retail network in the state. The investment plan announced by RIL for Gujarat is expansive and entails the development of 100 GW Renewable Energy (RE) power projects, Green Hydrogen ecosystem and new energy equipment manufacturing facilities for solar modules, electrolysers, energy storage batteries and fuel cells, said the company.

"Reliance Industries Limited (RIL) has signed an MoU with the government of Gujarat for a total investment of Rs 5.955 lakh crore as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct/ indirect employment opportunities in the state," said an official statement.

RIL's green energy investment plan for Gujarat

"To make Gujarat net zero and carbon free, RIL proposes to invest Rs 5 lakh crore in the state over the span of 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development. RIL will develop an eco-system for assisting Small and Medium Enterprises (SMEs) and encourage entrepreneurs to embrace new technologies and innovations leading to captive use of Renewable Energy and Green Hydrogen," the statement added.

"RIL's initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Hon'ble Prime Minister Shri Narendra Modi," it said.

In consultation with government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power project in Kutch, Banaskantha and Dholera. The company has requested for 4.5 lakh acres of land in Kutch for the development of these green energy projects, said Reliance Industries.

Rs 60,000 cr to be spent on new energy equipment manufacturing

RIL plans to invest another Rs 60,000 crore in setting up New Energy Manufacturing-Integrated Renewable Manufacturing facilities for solar PV modules (manufacture of polysilicon, wafer, cell and module), electrolyser, energy-storage battery and fuel cells.

"Further Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over next three to five years. RIL has also proposed to invest Rs 7,500 crore over three to five years for Jio Network upgradation to 5G and another Rs 3,000 crore over five years in Reliance Retail," said the statement.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)