Reliance New Energy Solar Ltd is incorporated to undertake activities relating to solar energy
Reliance Industries has invested ₹1,00,000 in cash in 10,000 equity shares in the newly formed Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary, the company said in a statement today.
"RNESL is incorporated to undertake activities relating to solar energy. RNESL is yet to commence its business operations," the company said, adding that the investment in RNESL does not fall within related party transactions and the promoter/promoter group companies do not have any interest in RNESL.
Reliance Industries Ltd's chairman Mukesh Ambani on 24 June said the company plans to set up Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat,
investing over ₹75,000 crore to create and fully integrated, end-to-end renewables energy eco-system.
The investment would be done over the next three years.
“We will transform our legacy business into sustainable, circular, and net-zero carbon materials business. One that will provide growing returns over several decades," Ambani said adding, “And we will do this by re-purposing our existing assets to extend their economic life and earning capacity," Ambani had said.
As part of the plan, RIL will build an Integrated Solar Photovoltaic Module factory to establish and enable at least 100GW of solar energy by 2030. A significant part of this will come from rooftop solar and decentralized solar installations in villages. This would be supplemented by an advanced Energy Storage Giga factory.
An Electrolyser Giga factory would also be set up to manufacture modular electrolyzers used for captive production of green hydrogen for domestic use as well as for global sale.
Another initiative will be the Fuel Cell Giga Factory. A Fuel Cell uses Oxygen from the air and Hydrogen, to generate electricity. The only emission of this process is non-polluting water vapor. Fuel Cells have the capacity to progressively replace internal combustion engines.
RIL will also build two additional divisions--Renewable Energy Project Management and Construction Division and Renewable Energy Project Finance Division-- to facilitate solutions for large renewable plants across the world and to provide finance solutions to the stakeholders in the ecosystem.
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