Larsen & Toubro (L&T) said, “Clean energy transition has accelerated in recent years with decarbonized electricity being central to the fight against climate change. The rapid technology development in renewable generation has facilitated this trend. Renewable penetration, particularly in solar and wind generation, is set to grow in the global mix.”
There is a strong momentum in India’s pursuit of promoting renewable energy especially towards increasing the share of non-fossil fuels-based electricity. India sees green jobs and renewable growth as important aspects of achieving the visionary Viksit Bharat and equitable climate justice for the world. Renewable Energy Implementing Agencies have chalked out clear capacity addition trajectories and several schemes including Green Energy Corridors are being implemented, it added.
The Middle East region is ideal for solar generation due to high solar irradiance, abundant land availability and alignment of solar generation with peak cooling demand and freeing up of fossil fuel for exports. In addition to these core markets, there are significant investments materializing in the adjacent regions such as in the SAARC, ASEAN, CIS and the African countries, the company stated in the press release.
L&T has constructed some renewable energy projects in India including the 90MW Omkareshwar floating solar project commissioned recently. India’s first grid scale solar cum storage project, implementation of decentralized distributed generation packages for remote villages are some of the noteworthy achievements.
In this backdrop, to enhance management visibility and to ensure seamless integration of resources and capabilities, L&T has created the Renewable EPC business, an addition to its construction verticals.
S.N.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. 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.”
Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
The EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.
Shares of Larsen & Toubro shed 0.81% to Rs 3,673.05 on the BSE.