Indian conglomerate Reliance Industries (RIL) said it has signed an initial agreement with the government of Gujarat to develop renewable energy and green hydrogen, with an aim to make the state "net zero and carbon free".
The deal envisages total investment of 5.96 trillion ($80.6bn) rupees, of which RIL proposes to spend Rs5 trillion ($67.6bn) over 10-15 years on a 100GW renewable energy power plant and a green hydrogen eco-system.
The company has begun scouting for land for the renewables power project in Kutch, Banaskantha and Dholera, in consultation with the state government. It said it has requested 450,000 acres of land in Kutch.
The firm plans to invest another Rs600bn ($8.1bn) on solar photovoltaic (PV) modules, electrolysers, energy storage batteries and fuel cells.
RIL is shifting its focus to renewables and has committed to becoming a net-zero carbon emissions firm by 2035. It has already committed to investing around $10bn to build four gigafactories — an integrated solar PV module factory, an energy storage battery plant, an electrolyser factory to produce green hydrogen and a fuel cell plant — over the next three years.
