Clean energy (solar, battery, electrolyzers, and fuel cells) represents a new growth pillar for Reliance with USD 2 trillion in investment in India through 2050. India is targeting solar capacity of 280GW and 5 million tonne of green H2 production by 2030. Billionaire Mukesh Ambani’s Reliance Industries may by 2030 earn USD 10-15 billion from its new energy business spanning solar to hydrogen but will need acquisitions or partnerships to make up for limited expertise in technology, said a report by Sanford C Bernstein. Clean energy (solar, battery, electrolyzers, and fuel cells) represents a new growth pillar for Reliance with USD 2 trillion in investment in India through 2050. India is targeting solar capacity of 280GW and 5 million tonne of green H2 production by 2030.
We expect EV penetration will reach 5 percent for passenger and commercial vehicles and 21 percent for two-wheelers. Clean energy could have a TAM (total addressable market) of USD 30 billion in 2030 (USD 10 billion currently). By 2050, we estimate the TAM could reach USD 200 billion and cumulative spending of USD 2 trillion,” the brokerage said in the report.
Oil-to-telecom conglomerate Reliance has announced forays into solar manufacturing as well as hydrogen in a pivot away from fossil fuels. Reliance plans to have 100GW of installed solar capacity by 2030 which is 35 percent of India’s targeted capacity of 280GW. “By 2030, we estimate Reliance could capture 60 percent, 30 percent and 20 percent of solar, battery and hydrogen TAM respectively,” Bernstein said.
“Based on our assumptions, we estimate RIL can achieve around USD 10-15 billion of revenue from new energy business in 2030 which represents roughly 40 percent of the TAM.”
