(Reuters) – Indian billionaire Mukesh Ambani’s Reliance Industries will start its solar photovoltaic modules factory this year, a company executive said on Thursday.
“We are today building three bigger factories… in order to produce clean energy requirements,” said Partha P Maitra, President, Strategy and Initiatives at Reliance Industries.
India has been scrambling to meet its clean energy targets after falling short in 2022.
Over the past year, the country has ramped up investments in the sector, but needs to double capacity additions over the next five years to meet its target of 500 GW non-fossil power capacity by 2030, a Global Energy Monitor report showed.
Reliance aims to eventually scale up solar module capacity to 20 GW per year, Maitra said.
Its battery and micro power electronics factory will start next year, he said.
“If it happens we will be the no. 2 solar PV producer in the world. We will produce roughly 14% of total solar PV modules outside China,” the executive said.
(This story has been corrected to fix the executive’s initial in paragraph 2)
(Reporting by Nidhi Verma in New Delhi, Writing by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)
