Energy revolution: Renewable energy will benefit steel, manufacturer, engineering sector, sector will become cost effective

A massive investment in the sector is coming as efforts are underway to achieve a target of 570 GW by 2030 at the Renewable Energy Meet & Expo. Top experts pointed out that renewable energy can directly benefit the steel, manufacturing and engineering sectors at a summit held in Gandhinagar. He further said that in the next five to seven years, the cost of saving will become effective in the top sectors due to which the earnings growth in the corporate sector will be strong and it will directly benefit the country's economy besides the sector.

Apart from Reliance, Adani, Wari, Renew will also invest to produce 1 million tonnes of green hydrogen annually. This will be powered by 25 GW of renewable energy. This is 20% of India's estimated capacity of 5 million tonnes of green hydrogen per annum. This green hydrogen initiative is set to create an additional 100,000 direct and indirect jobs. The company will also install solar manufacturing facilities to support 6 GW of ingot/wafer capacity, 6 GW of solar cell production and 10 GW of solar modules, creating approximately 5,000 jobs.

Wari is the market leader in solar manufacturing. Gujarat has a manufacturing capacity of 12 GW. Also new capacity is being developed for an additional 5.4 GW. The company will add an additional 6.0 GW under PLI. Company CEO Amit Paithankar pointed out that the company has filed DRHP with SEBI for the IPO.

Suzlon will invest 500 crores every year in wind energy. Focusing on Gujarat, Tamil Nadu, Karnataka. The country currently has 47 GW in wind out of an average of 200GW with a target of 100 GW by 2030.

Offshore wind energy is aligned with Gujarat's target of achieving 100 GW of installed renewable energy capacity by 2030, contributing significantly to the country's clean energy portfolio. Leading organizations like Danish Energy Agency, NIWE, CEEW, Suzlon, Vestas, Vena Energy, PowerGrid, Aran Power, L&T, Essar and IIM-A participated in the event.

Offshore wind energy will play a key role in Gujarat Strategies were focused on harnessing Gujarat's enormous offshore wind energy potential, taking advantage of its 1,600 km coastline and well-developed port infrastructure. Important achievements were highlighted including obtaining viability gap funding for 500 MW offshore wind projects on the Pipavav coast and approval of seabed blocks to develop a 10 GW offshore wind park in Gujarat.