Reliance Industries (RIL) has spent and channeled around 55-60 percent of the Rs 75,000 crore which it had earmarked for investing in its new energy business, which will play out with the launch of the first phase of the 20 GW solar factory in the first quarter of FY25.

RIL has also been infusing equity, such as pumping around Rs 200 crore into the equity of Reliance New Energy  in FY24, according to its annual report, as well as subscribed to debentures worth over Rs 9000 crore.

Under its new energy vertical, the company is setting up a giga factory at Jamnagar in Gujarat which is spread over an area of 5,000 acres and will comprise five factories for solar PVs, energy storage, electrolysers, fuel cells and power electronics. The company will commission its first train of module and cell manufacturing in early FY25, though the fully integrated 20 GW facility will be set up by FY27.

The company has also inked tie-ups and making acquisitions to get access to newer technologies for enhanced operational efficiency. It has also signed its first power purchase agreement with the power utility in Maharashtra to supply 128 MW for 25 years. RIL aims to generate 100 GW of RE by 2030.