Crude oil to broadband conglomerate Reliance Industries is reportedly planning a giga-scale venture into solar power generation.
According to media reports, Reliance Industries is scouting for land to set up 100 gigawatts of solar power capacity. The company intends to set up this capacity by 2030. About a fourth of this capacity is likely to be used for captive consumption, while the balance may be sold either to distribution companies or commercial and industrial consumers.
Reliance Industries generates more than half of its revenue from crude oil refining and manufacturing of petrochemicals. Last year, the company announced plans to significantly pivot towards renewable power.
It will develop gigafactories for manufacturing solar modules, electrolyzers, fuel cells, and batteries. The company is working on a fully integrated solar module manufacturing facility in western state of Gujarat. It plans to produce polysilicon, wafers, cells, and modules at this facility. The company is eligible for production linked incentives worth $3 billion under a government scheme aimed at promoting domestic production of solar modules.
Reliance Industries has made a number of investments over the last few months. It acquired module manufacturer REC Solar Holdings at an enterprise value of $771 million, UK-based sodium-ion battery maker Faradion, 40% stake in one of the largest solar EPC company in the world — Sterling and Wilson. It has made investments in Germany-based solar wafer manufacturer NexWafe GmbH and Massachusetts-based energy storage company Ambri Inc.
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