Reliance Power on Tuesday announced that it is setting up its renewable energy business, Reliance NU Energies, PTI reported, citing an official statement.
Mayank Bansal has been appointed CEO of Reliance NU Energies, and Rakesh Swaroop has been appointed COO. Both are veterans of the renewable energy sector.
“The new subsidiary Reliance Nu will innovate and seize the opportunities in developing clean, affordable and reliable energy solutions that India and the world’s growing demand for sustainability needs,” said Reliance Power in its statement cited in the news report.
Bansal and Swaroop both have joined the renewable energy arm of Reliance Power from ReNew Power India. Bansal was the group president of ReNew Power’s India renewable energy business, while Swaroop was the vice president and head of the utility business at ReNew Power.
About Reliance NU Energies
Reliance NU Energy is a subsidiary of Reliance Power, an Anil Ambani-led company. It is one of the prominent power-generating companies in India.
According to the agency report, the newly formed entity, Reliance NU Energies, will focus on solar, wind, hybrid systems and advanced energy storage to address the power generation requirements.
Reliance Power Limited has an installed capacity of 5,300 megawatts (MW). According to the report, it also operates the 4,000 MW Sasan Ultra Mega Power Project in Madhya Pradesh.
The launch of Reliance NU Energies is aimed at innovating and seizing the opportunities to develop clean, affordable, and reliable energy solutions that India and the world’s growing demand for sustainability needs, according to the agency report.
Reliance’s move comes forth amid India’s target of 500 gigawatts of non-fossil fuel capacity by 2030 under the Paris Agreement. The company aims to support India’s transition to cleaner energy sources and strengthen its position in the global renewable energy market.
Bansal and Swaroop are expected to lead Reliance Nu in rising to the unique needs of India’s decarbonisation drive with scalable and cost-effective green energy solutions.
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