Reliance cracks down two more deals to foray its green energy push

MUMBAI: Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries Limited and Denmark based Stiesdal signed an agreement for the technology, development and manufacturing of Hydrogen Electrolyzers in India. The agreement was signed during a state visit by Denmark’s Prime Minister Mette Frederiksen. 

The company has also invested 25 million euros in Series C funding in German technology company NexWafe GmbH. The investment makes RIL holding a major stake in the company which is producing solar wafers which is cost-effective. NextWafe is also developing some technologies to counter the climate crisis and transform Germany’s economy to net zero emissions by 2045.  

On Sunday, RIL gave a major push in its solar business by acquiring two major firms, Norway-based REC Solar for $771 million which produces solar panels, modules. Later the company also announced buying a majority stake in Shapoorji Pallonji backed firm Sterling & Wilson, the company is a major solar contractor in Asian and Middle-East markets.  

RIL plans to use this industry with cutting-edge technology to make solar panel manufacturing Giga factory at Dhirubhai Ambani Green Energy Complex at Jamnagar.  

Mukesh Ambani, Chairman & CMD of Reliance Industries Limited said during the company’s 44th annual general meeting (AGM), ‘Reliance Industries Limited (RIL) will invest in renewable energy which may attract investments of Rs 75,000 crore in its green push.’  

India’s recent power crisis created an uproar in the national capital over the shortage of coal. As the country is mostly dependent on coal-generated electricity but it seems confident of achieving its ambitious goal of increasing its capacity from 40 GW to 450 GW by the end of this decade.  

Through this investment, Reliance will make its hold on the manufacturing and production of solar panels in the country which will give it a lot of advantages in the coming years. By taking India’s pledge to Paris Climate Agreement the company will make sure that it will help the government to curb carbon emissions to keep the global average temperatures from rising above 1.5 degrees C as compared to the pre-industrial years. 

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