L&T To Invest $2.5 Billion In Renewables

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In the coming 3-4 years, the engineering and construction major Larsen & Toubro (L&T) intends to invest around $2.5 billion in renewable and green space. As the world is moving towards green energy, Subramanian Sarma, senior executive vice-president (energy) at L&T, said that it’s only natural that the company take a leadership position in this space. According to him, “We plan to invest up to $2-2.5 billion to start with, over the next 3-4 years, depending on how the markets evolve. This would be across green hydrogen, solar and wind projects.”

L&T plans to set up a separate team to supply components to offshore wind farms. Sarma said, “This would be to manufacture and supply wind farm components such as the towers. We will not be venturing into making windmill blades, which is being done by original equipment manufacturers.”

It is noteworthy that the construction giant has set Lakshya 2026 – its strategic five-year plan to reduce around 300 tonnes of greenhouse gas footprint per annum. It includes shutting down its non-core businesses while scaling up digital and e-commerce businesses, developing innovative business offerings, and focusing on environmental, social and governance (ESG) and shareholder value creation. The company plans to achieve water and carbon neutrality by 2035 and 2040, respectively.

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Regarding the current move, Derek M Shah, head of green manufacturing and development at L&T, said, “We are looking at the manufacturing of components such as electrolysers, storage batteries and fuel cells. The opportunities for green energy, not only in India but across the world are rising.”

With the aim to develop the nascent Indian green hydrogen sector, Indian Oil Corporation, L&T and ReNew Power came together to launch a joint venture earlier this year. Meanwhile, IOC and L&T signed another JV with equity participation to manufacture and sell electrolysers used in the production of green hydrogen.


 

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