Anil Ambani’s Reliance Power Ltd will commission a 1,500-megawatt (MW) gas-based power plant abroad. The firm will fight hard for gas-based power projects in Kuwait, the United Arab Emirates (UAE), and Malaysia, sources close to the development added.
To expand globally, Reliance Power is leveraging its already well-established infrastructure within India to accelerate the development of the proposed project. The company will seek to relocate two 750 MW gas-based power production units that lie dormant in India due to constrained market opportunities.
Monetization of the assets will result in up to Rs. 2,000 crore, much of which will go towards strengthening the company's balance sheet. As the equipment is already installed, Reliance Power hopes to complete the work in a short time, capitalizing on increasing demand for clean energy sources from international markets.
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The move is a part of the broader strategy of the company to enter high-potential international markets where demand for stable, gas-based power infrastructure is on the rise. The Middle Eastern and Southeast Asian bids are at a crossroads as many countries are shifting from coal-based to cleaner sources of energy.
Apart from these recent global developments, Reliance Power also bagged massive projects in Bhutan such as a 500-MW solar project and a 770-MW hydropower project. All these are indicative of the change in strategy of the company towards clean energy and renewable energy projects, both domestic and global.
The result of current bids would be a determining factor in the future direction of Reliance Power's international foray.
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