Reliance Industries Ltd plans to commission a new energy giga complex in Gujarat in the second half of 2024, according to an earnings statement and investor call. Reliance is building a giga complex on 5,000 acres in Jamnagar, Gujarat. The complex includes five giga factories for photovoltaic panels, fuel cell systems, green hydrogen, energy storage, and power electronics.
"On track to commence new energy facilities in phases this year," the company said in a post-third-quarter earnings call with investors.
Post announcement of third-quarter earnings on Jan 19, Ambani stated that the "New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance's New Energy business will play a pivotal role in the global movement for adoption of cleaner fuels." The Dhirubhai Ambani Green Energy Giga Complex will be among the largest integrated renewable energy manufacturing facilities in the world.
Reliance has signed an MoU with the Gujarat government to build a 100-gigawatt renewable energy project with a capex of Rs 5 lakh crore. It has received in-principle approval for 74,750 hectares (ha) of land parcels in Kutch for green hydrogen production. The company has strategically invested in ten global technology innovators who have extensive experience across the new energy value chain.
"Reliance is nearing the commissioning of the first tranche of 5GW module manufacturing capacity in mid-CY24," Nuvama wrote in a January 17 note.