State-owned gas utility company GAIL (India) will invest Rs 1,736.25 crore to set up a wind power project in Maharashtra, expanding its renewable energy portfolio as it targets net-zero carbon emissions by 2035.
In a regulatory filing, GAIL said its board, at its meeting on Friday, approved the investment to set up 178.2 megawatt wind power capacity.
The project, to be completed within 24 months of contract award, will add to the existing portfolio of 117.95 MW. Besides, the firm also has 27 MW of solar energy projects spread across Rajasthan, Uttar Pradesh and Madhya Pradesh.
Its wind power projects are in Gujarat (19.2 MW), Karnataka (38.1 MW) and Tamil Nadu (60.65 MW).
The project to generate electricity from wind is part of a broader effort to boost renewable capacity and meet net-zero carbon emission targets by 2035.
GAIL targets net zero emissions
“GAIL has set a target of achieving net zero through reduction in Scope-1 and Scope-2 (carbon) emissions by 2035 and Scope-3 emissions by 2040. GAIL plans to increase its renewable energy capacity up to 3.4 GW by the year 2035 to achieve the net zero targets,” according to the company’s website.
The company is also investing in other forms of clean energy, including green hydrogen and compressed biogas (CBG) projects, to align with India’s national energy goals.
GAIL is India’s largest natural gas transmission and marketing company. It owns and operates an extensive network of about 18,0001 km of natural gas pipelines, spanning the length and breadth of India.
Besides being the biggest marketer of gas in the country, it also owns the LPG portfolio and has two petrochemical plants in Pata, Uttar Pradesh, and one in Assam.
GAIL share price
GAIL India’s stock closed at Rs 168.85 on Friday. The company’s stock was down 1.11 per cent in the intra-day trade on the last trading day of the week. In the last 5 trading sessions, GAIL India’s share price has increased by 0.46 per cent.