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RIYADH: Mukesh Ambani’s plans which aim to hinge his Indian multinational corporation, Reliance Industries Ltd on renewable energy could potentially transform the South Asian country into a clean hydrogen hub in the process.
Earlier this month Asia’s richest man Ambani vowed to allocate $75 billion in green groundwork amid a renewables push, Bloomberg reported.
The plan specifically tackles generation facilities, solar panels, and electrolyzers.
The general consensus suggested by analysts is that the scheme will convert the clean power in the country into hydrogen.
This comes as the firm attempts to circumvent the country’s wholesale electricity market which is governed by financially unstable businesses and deferred payments.
“Reliance is preparing itself to capture the entire value chain of the green hydrogen economy,” Bloomberg reported, citing Gagan Sidhu, director at the Centre for Energy Finance.
Moreover, Ambani has pledged to generate green hydrogen at $1 per kilogram, representing a 60 percent reduction from current costs.
Of the $75 billion investment, the amount to be devoted to hydrogen is yet to be disclosed.
Numerous other Indian based firms such as Adani Enterprises Ltd. and NTPC Ltd. have also set strategies for green hydrogen.