According to a company earnings statement, Reliance Industries Ltd. (RIL) plans to commission a new energy GIGA complex in Jamnagar, Gujarat, in the second half of 2024.

Encompassing five giga factories for solar panels, fuel cell systems, green hydrogen, energy storage, and power electronics, the Dhirubhai Ambani Green Energy Giga Complex is situated over 5,000 acres.

The firm stated that it was “on track to commence new energy facilities in phases this year.”

RIL chairman and managing director Mukesh Ambani stated that the New Energy Giga Complex is scheduled to be commissioned in the second half of CY24 following the company’s third-quarter earnings report on Friday. I do not doubt that Reliance’s New Energy division will be crucial to the worldwide push for the use of greener fuels.”

An agreement has been reached between the Gujarati government and the firm to establish a 100-gigawatt renewable power plant at a capital expenditure of ₹5 lakh crore.

It has been given the go-ahead in principle to develop a green hydrogen project on 74,750 hectares of land in Kutch.

One of the world’s biggest integrated industrial complexes for renewable energy will be the Giga complex.

Ten international technological innovators with solid knowledge of the new energy value chain have received strategic investments from RIL.

RIL and China-based Suzhou Maxwell Technologies have inked a supply agreement for RIL to purchase a high-efficiency HJT cell production line (4.8GW capacity) through REC Solar.

It also inked a manufacturing automation contract for 5.2GW HJT modules in January 2023 with SC Solar, a Chinese company.

For the October–December 2023 quarter, Reliance Industries reported a 9.9% increase in consolidated profit after tax (PAT) to ₹19,641 crore.

Earnings before interest, taxes, depreciation, and amortization, or EBITDA, increased 16.7% year over year to ₹44,678 crore in the company’s quarterly consolidated report.

Consolidated sales increased 3.2% to ₹248,160 crore, driven by the consumer sector’s sustained growth pace.

SOURCE: https://www.livemint.com/industry/energy/reliance-industries-to-commission-green-energy-giga-complex-in-jamnagar-in-h2-of-2024-11705837061655.html