RIL Enters INR 5.95 Trillion MoU With Gujarat

• RIL has committed INR 5.95 trillion to establish a 100 GW renewable energy plant in India's Gujarat along with other projects
• The 100 GW power plant is planned to be located in the regions of Kutch, Banaskantha and Dholera
• It is expected to take 10 years to 15 years to build, the company stated while entering a MoU with the state government
• Investment plans also include its Gigafactories for integrated solar PV, electrolyzer, energy storage battery and fuel cells

Indian billionaire Mukesh Ambani headed Reliance Industries Limited (RIL) will invest INR 5.95 trillion ($80 billion) in Gujarat to build a massive 100 GW renewable energy power plant, along with a green hydrogen ecosystem and other projects.

The 100 GW renewable energy project is planned to cover areas in Kutch, Banaskantha and Dholera regions. In a statement released, RIL said it is scouting for land to locate the project in consultation with the state government, and has requested for 450,000 (4.5 lakh) acres of land in Kutch.

This facility with unspecified technologies to come up in the home state of Indian Prime Minister Narendra Modi, is expected to take 10 to 15 years to build, the company stated after entering a memorandum of understanding (MoU) with Gujarat's government as part of Investment Promotion Activity for the Vibrant Gujarat Summit 2022.

China too is building a wind and solar energy plant of 100 GW capacity as announced by President Xi Jinping in 2021, without sharing any more details.

Back to RIL: Of the INR 5.95 trillion planned investment, RIL estimates the 100 GW project along with its plans to develop a green hydrogen ecosystem will incur INR 5 trillion alone. The said ecosystem will assist small and medium enterprises (SME) while encouraging the use of renewable energy and green hydrogen in broader terms.

INR 600 billion ($8.12 billion) will be reserved to realize the company's previously announced GW level manufacturing plans of an integrated polysilicon to module facility, as well as for electrolyzer, energy storage battery and fuel cells (see Indian Billionaire Wants 4 New Energy Gigafactories).

The remaining amount will be invested in existing projects and new ventures, it said. All the projects together are expected to create 1 million direct and indirect jobs in Gujarat.

As RIL aims to become a net carbon zero emitter by 2035, it has emerged as one of the strongest renewable energy companies in India. It is one of the winners of the Indian government's Production Linked Incentive (PLI) solar manufacturing scheme to pursue its solar manufacturing plans, and has also been actively building its presence through acquisitions. It is the new owner of Norway based REC Solar Holdings, acquired a 40% stake in Sterling and Wilson Solar (SWSL), and is also a strategic investor in Germany's wafer start-up NexWafe (see Strategic Investment For German Wafer Producer).