Reliance group inks MoU with Rajasthan for investment worth Rs 1 lakh crore in green energy projects

Mukesh Ambani’s Reliance group has committed to invest Rs 1 lakh crore in the green energy area in Rajasthan. A large part of this investment would be in solar energy of which Rajasthan has become the world’s largest hub.

The company would also invest in power transmission and has plans to generate 20,000 MW across one lakh acre area in the Thar desert and in the districts of Jodhpur, Barmer, Jalore, Jaisalmer and Bikaner.

The company, which submitted its Letter Of Intent (LOI) over a month ago, signed a MoU with the state government’s green energy wing Rajasthan Renewable Energy Corporation. Umesh Bhandari signed the MoU on behalf of Reliance, while additional chief secretary Subodh Agarwal signed it on behalf of the state government.

Chief Minister Ashok Gehlot, who attended the event virtually, said the state has earned a reputation as the leading hub for renewable energy. He said the state has already signed investment agreements worth Rs 3.05 lakh crore with eight companies including public sector units like National Thermal Power Corporation (NTPC), National Hydro Power Corporation (NHPC), SJVN, and SECL.

Besides Reliance, the state government also signed MoUs with Axis Energy and SAEL.

Chief Minister Gehlot said that work in renewable energy is going on at such a fast pace that the day is not far away when Rajasthan will play a big role in fulfilling the energy needs of the country.

He said that the Rajasthan government in the last three years took many policy initiatives to promote renewable energy production.

“To make Rajasthan a renewable energy hub, we have released New Solar Energy Policy-2019 and Wind & Hybrid Energy Policy. We have also taken policy decisions such as RIPS-2019, One Stop Shop system, and MSME Act to provide a conducive atmosphere to investors,” he said.

“The state government also removed obstacles coming in the way of investments by moving ahead towards Ease of Doing Business in the state,” he added.

Gehlot said that a strong distribution system has been developed for the transmission of energy generated in the state. “Rajasthan is becoming an example for the world in the field of solar energy due to adequate availability of land, strong infrastructure, and favourable policies of the government. The government is also giving priority to manufacturing of equipment for solar industry,” he said.

He called upon investors in this sector to come forward and set up their units in Rajasthan and assured that the government will extend full support for it.

The proposed Invest Summit has already attracted an investment commitment of Rs 7 lakh crore and out of this, half is in the green energy sector.

Rajasthan chief secretary Usha Sharma said the state enjoys a unique position as the freight corridor passes through 14 percent area of the state, while fifty percent of the ambitious Delhi-Mumbai Corridor falls under Rajasthan. This will become a fulcrum of development in the state, she stated.