Reliance Power Shares in Focus; To Invest ₹10,000 Crore Solar Project in Andhra Pradesh

Reliance Power to invest ₹10,000 crore in a 930 MW solar power plant and 1860 MWh storage facility in Andhra Pradesh, creating 6,000 jobs. The project will be Asia’s largest at a single location, as per news reports

Project Timeline and Job Creation

The project is expected to be commissioned within 24 months after the signing of a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI).

It is anticipated to generate about 1,000 direct jobs and create approximately 5,000 additional employment opportunities for workers during the construction phase, as per news reports.

Expansion Plans: Solar Manufacturing Facility

In addition to the solar power project, Anil Ambani is planning to invest ₹6,500 crore in establishing a solar manufacturing plant in Andhra Pradesh.

As per media reports, the company is scouting for 1,500 acres of land to build this facility. Recently, Ambani visited Visakhapatnam to finalise land near the Rambili industrial area for the plant.

Despite some challenges with land selection, the solar manufacturing facility and the large-scale solar power project are expected to provide a significant boost to the renewable energy sector in Southern India.

The integration of solar power with advanced battery storage systems will help strengthen the region’s clean energy capacity.

Debt Settlement and Future Investment Commitments

After facing financial challenges in recent years, Reliance Power has successfully settled its debts with Verde Partners. The fund has also committed an additional $500 million in equity for future initiatives, reinforcing the company’s growth prospects and renewable energy expansion plans.

Share Price Performance

Reliance Power’s share price traded 2.89% higher at ₹42.39 at 2:40 PM on the NSE. The stock opened at ₹41.50 up from ₹41.20 at its previous close.

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