In July this year, the chairman of Reliance Industries Ltd, Mukesh Ambani, unveiled an ambitious Rs 75,000 crore plan that aims to see the company become carbon neutral over the next 15 years. The scope of its green goals includes the establishment of four “gigantic factories” to “manufacture and fully integrate all critical components of the new energy ecosystem”. To this end, the company has entered into strategic purchases and partnerships with world-leading companies in the renewable energy sector. Here is an overview of its recent efforts towards achieving a “rapid transition to a new era of green, clean and renewable energy“.
What is behind RIL’s green push?
At its 44th annual general meeting, the chairman of Reliance Industries, Mukesh Ambani, reiterated that the company, which owns and operates the world’s largest oil refinery in Jamnagar, Gujarat, is poised to embrace a radical change that will allow it to reduce its carbon footprint to zero. by 2035.
In view of a “rapid transition to a new era of green, clean and renewable energy“, RIL “will make its New Energy business a truly global company,” Ambani said, adding that at the heart of its ambitions was a movement to bridge the green energy divide “in India and the world” while giving a boost to Atmanirbhar Bharat goals as articulated by Prime Minister Narendra Modi.
The approach, according to Ambani, was based on the understanding that “the era of fossil fuels, which fueled global economic growth for nearly three centuries, cannot continue for much longer” given the threat it poses. more and more for the environment and life on Earth.
Ambani noted that India will have an important role to play in transforming the global energy landscape as it is “one of the largest energy markets in the world”.
READ ALSO : Rs 75,000-cr Plan by which Ambani-Led Reliance wants to propel India towards a green future
What are the green objectives adopted by RIL?
At the AGM, the president of RIL remarked that just like Jamnagar – which has a total capacity of 1.24 million barrels per day (bpd) – “was the birthplace of our old energy company… (it) will be also the cradle of our new energy business “.
The company, Ambani said, had already started work on establishing the Dhirubhai Ambani Green Energy Giga complex on 5,000 acres in Jamnagar, which it intends to be “among the largest integrated renewable energy manufacturing facilities in the country. world “.
The company has planned a cumulative investment of more than Rs 60,000 crore over the next three years to set up “four giga factories”, which “will” manufacture and fully integrate all critical components of the new energy ecosystem. “
The four component factories include an integrated photovoltaic solar module factory for the production of solar panels, a state-of-the-art energy storage battery factory, an electrolyzer factory for the production of green hydrogen, and a power cell factory. combustible.
Through these efforts, Ambani hopes that RIL will “establish and enable at least 100 GW of solar power” to meet the target set by PM Modi of India of reaching 450 GW of renewable energy capacity by 2030.
How will the new purchases help RIL achieve its goals?
On October 10, RIL announced two important actions – both under Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of RIL – designed to propel it towards becoming “a global player in the renewable energy industry” and provide the company’s new energy initiative. a “global and significant operational and technological platform”.
The first of the purchases, from Norwegian solar panel maker REC Group, was $ 771 million. The ownership of REC, acquired from China National Bluestar (Group) Co. Ltd., gives RIL access to crucial know-how in the renewable energy sector, with R&D seen as something India is into. delay. REC owns or has filed over 600 utility and design patents and RIL has highlighted its “strong focus on research and development”, which it now seeks to combine with “innovation, scale and world-class operational excellence “with the aim of” further accelerating innovative technological developments “as well as the introduction of new products.
A recognized player in the industry, REC is among the world leaders in solar modules, which have a reputation for “efficiency, reliability and long life,” the company said, noting in particular REC’s use of the technology. Heterojunction (HJT) which “helps its modules outperform other technologies commonly used in industry”. Reliance said it will use REC technology to manufacture metallic silicon and solar panels at its Jamnagar gigafactory, where annual capacity is expected to increase from 4 gigawatts to 10 gigawatts.
“India still lags behind its global counterparts in terms of technological adaptability and competitiveness. REC has a local base as well as a global presence. So the two things Reliance can leverage from this acquisition, ”Jyoti Gulia, founder of JMK Research, told CNBC TV18.
While the purchase of REC allows RIL to become one of the world’s leading solar cell manufacturers, the second transaction announced on October 10 – for a 40% stake in Sterling & Wilson Solar Ltd (SWSL) – targets to put the company at the top of the EPC (engineering, procurement, construction) pile in renewable energies.
RIL said the partnership with SWSL will give it access to engineering and project management skills and “will complement Reliance’s proven strengths in digital technology, engineering, procurement and project execution.” SWSL, which is present in 24 countries, has already executed more than 11 GW of turnkey solar projects worldwide and is considered a leader in the EPC and operations and maintenance sector.
The two agreements thus give Reliance access to the latest technologies and know-how as well as to global manufacturing capabilities.
Has RIL made other investments as part of its green campaign?
In August of this year, Reliance announced a $ 50 million investment, again through RNESL, in U.S. company Ambri Inc., a battery storage technology that manufactures long-lasting batteries. The deal gives RIL access to Ambri’s technology to manufacture batteries that require minimal maintenance and can store electricity for up to 10 hours.
Then there are partnerships he has entered into with the German NexWafe GmbH, which manufactures silicon wafers for solar panels, and the Danish Stiesdal A / S. While the $ 29 million RIL is investing in NexWafe GmbH will help meet its solar power generation targets, the deal with Stiesdal is for the technological development and manufacture of the company’s hydrogen electrolyzers in India.
Disclaimer:Note: Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary
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