The complex consists of five gigafactories that produce fuel cells, green hydrogen, solar panels, energy storage, and power electronics.
PTI
New Delhi: In an earnings statement and investor call, Reliance Industries Ltd., owned by billionaire Mukesh Ambani, said that it will commission a new energy mega complex in Gujarat in the second half of 2024. In Jamnagar, Gujarat, Reliance is developing a mega complex spanning 5,000 acres. The complex consists of five gigafactories that produce fuel cells, green hydrogen, solar panels, energy storage, and power electronics.
"On track to commence new energy facilities in phases this year," the business informed investors during a conference call after its third-quarter financial results.
The New Energy Giga Complex is scheduled to be commissioned in the second part of CY24, Ambani said on Friday following the release of the company's third-quarter earnings. I have no doubt that Reliance's New Energy division will be crucial to the worldwide push for the use of greener fuels."
Among the world's largest integrated renewable energy production facilities will be the Dhirubhai Ambani Green Energy Giga Complex.
An agreement to establish 100 gigawatts of renewable electricity at a capital expenditure of Rs 5 lakh crore has been inked between Reliance and the Gujarati government. For the purpose of producing green hydrogen, 74,750 hectares (ha) of land in Kutch have been approved in principle.
Ten international technological innovators with deep domain knowledge in the new energy value chain have received strategic investments from the company.
In a note dated January 17, Nuvama stated, "Reliance is nearing the commissioning of the first tranche of 5GW module manufacturing capacity in mid-CY24."
It has inked a supply deal with Suzhou Maxwell Technologies, a Chinese company, through REC Solar to purchase a high efficiency HJT cell production line with a 4.8GW capacity. In January 2023, it entered into a production automation deal for 5.2GW of HJT modules with SC Solar, a Chinese company.
Both of the solar module PLI rounds (Round 1: USD 0.3 billion, 4GW; Round 2: USD 0.4 billion, 6GW) saw it win PLIs. With the exception of Greenko, Reliance is the only business that has lately been awarded incentives for both green hydrogen and electrolysers.
It was awarded incentives of USD 0.3 per kg for a 300 MW electrolyser and USD 0.23 for a 90,000 tonne green hydrogen capacity.
Additionally, it was awarded PLI for 5GW of capacity under ACC battery storage.
"These incentives are likely to assist Reliance achieve a green hydrogen cost of USD 1' 1.5 per kg," Nuvama stated.
As the biggest manufacturer and user of grey hydrogen, RIL stated that switching to green hydrogen will allow it to increase profits in the future.
Due to the high cost of producing solar and wind energy as well as the high cost of the electrolyser, the cost of green hydrogen is now around USD 3 per kg, which is 1.5 times more than the cost of gray hydrogen generated from natural gas.
Right now, the most affordable way to produce green hydrogen is through a combination of solar and wind power. Due to the low PLF of electrolysers (30' 35%) compared to wind (65' 70%) and hybrids (70' 75%), solar energy continues to have the greatest cost.