Indian Rich to Invest $10 Billion in Green Energy

Reliance Industries Ltd., the company of Indian billionaire Mukesh Ambani, will invest Rupees 750 billion ($10 billion) in green energy within 3 years under the “Green Vision” plan announced.

Stating that Reliance will create a fully integrated, end-to-end renewable energy ecosystem, Ambani announced to shareholders that it will invest over Rs 600 billion to build four “giga factories” in the Indian State of Gujarat. Ambani also stated that they will invest an additional Rupees 150 billion in value chain, partnerships and future technologies, including the oil and gas exploration and production sectors.

Operating the world’s largest oil refining facility and generating 60% of its revenues from oil refineries and petrochemicals, Reliance Industries will invest in green energy to produce solar modules, hydrogen, fuel cells and batteries to store electricity. Targeting net zero emissions by 2035, the company plans to install at least 100,000 MW of solar power by 2030, mostly rooftop installations.