RIL Proposes To Set Up Integrated Renewable Energy Power Projects
Reliance Industries Ltd. has proposed to its shareholders that it would set up integrated renewable energy power projects as it targets turning net carbon zero by 2035.
In its annual report for 2022–2023, the company proposed to set up integrated RE power projects that will be required for grid-scale transmission and distribution, utilities, industrial projects, transport, mobility, commercial, residential, and consumptive purposes.
To facilitate the initiative, an alteration to the objects clause of the Memorandum of Association has been proposed, the company said. The Registrar of Companies, Maharashtra, will register the special resolution after the shareholders approve it, the company said.
The integrated renewable energy power projects will include any form of renewable energy, including solar, wind, energy storage projects, and battery energy storage solutions (BESS).
The company aims to build Reliance as one of the world's leading new energy and new materials companies and has planned to invest Rs 75,000 crore to create a fully integrated new energy manufacturing ecosystem in Jamnagar, Gujarat.
After the initiatives are validated as feasible to scale, RIL will double its investment to further scale up the manufacturing ecosystem, it said in the annual report.
By 2030, the company plans to enable or establish 100 GW of solar energy capacity. It will establish 20 GW of solar energy generation capacity by 2025.
The power generated will be solely utilised to fulfil the captive needs of round-the-clock power and intermittent energy for Green Hydrogen, it said.
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