Larsen and Toubro on Monday announced that it has carved out a separate business vertical for renewable EPC out of its Power Transmission & Distribution business, within its Infrastructure Projects segment. In a regulatory filing, L&T said that recently, the clean energy transition has accelerated with decarbonised electricity being central to the fight against climate change and this trend has been facilitated by rapid technology development in renewable generation.
It said that there is a strong momentum in India’s pursuit of promoting renewable energy especially towards increasing the share of non-fossil fuels-based electricity and that the country is seeing green jobs and renewable growth as important aspects of achieving the Viksit Bharat and equitable climate justice for the world. Further, Renewable Energy Implementing Agencies have chalked out clear capacity addition trajectories and several schemes including Green Energy Corridors are being implemented.
L&T added that the Middle East region is ideal for solar generation due to high solar irradiance, abundant land availability, alignment of solar generation with peak cooling demand and freeing up of fossil fuel for exports. Also, there are significant investments materializing in the adjacent regions such as in the SAARC, ASEAN, CIS and the African countries.
“L&T is already a leading player globally with a vast portfolio of 22 GWp of renewable EPC experience. In addition to Ground Mounted Solar, Floating Solar and Wind Balance of Plant projects further, L&T’s Battery Energy Storage System implementation aggregates to 3GWh. Combined with L&T’s Grid and Digital Energy Solutions related offerings, this business has earned a reputation for timely and safe construction of Giga scale renewable projects,” it said in the exchange filing.
The company is associated with some of the world’s largest single-site renewable energy parks. In Saudi Arabia, L&T is involved in major projects including the 700 MW Ar Rass Solar PV IPP, the 2,000 MW Ar Rass-2 Solar PV IPP, and the 1.6 GW Sudair solar plant. Recently, it announced orders for another two plants with an aggregate capacity of 3.5GWac. It is building the power and grid systems for one of the world’s largest green hydrogen plants at NEOM. Additionally, L&T is advancing renewable infrastructure with a 250 MWp solar PV plant in the Amaala Project and has completed a large-scale solar installation in Jeddah. L&T is executing Phase 6 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, UAE.
In this backdrop, L&T has created the Renewable EPC business, an addition to its construction verticals, to enhance management visibility and to ensure seamless integration of resources and capabilities. It has also appointed A Ravindran, Senior Vice President, Larsen & Toubro, as the Head of Renewable Business.
SN Subrahmanyan, Chairman & Managing Director, Larsen & Toubro, said, “The growth of renewable EPC business has accelerated in recent years. Thanks to our early start and investments, we have built an organization that is uniquely placed in the value chain of creating sustainable energy infrastructure. This space is promising. Multiple opportunities are visible. We want to capitalize on our success and wish to remain a preferred partner of choice for our customers. Creation of this vertical will give increased autonomy, customer proximity and leadership oversight to the business and enable us to excel in this space.”
From: financialexpress
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