Solar generation needs to be augmented, says Larsen and Toubro
As the world seeks cleaner and more sustainable energy alternatives, L&T's strategic focus on solar projects and the exploration of hydrogen as an industrial fuel source positions the company at the forefront of the global energy transition. With a robust order backlog and a commitment to manufacturing excellence, L&T aims to play a pivotal role in shaping India's and the world's energy future.
In an exclusive interview with CNBC-TV18, R Shankar Raman, Whole-Time Director and CFO of Larsen and Toubro (L&T), emphasized the critical need for augmenting solar generation as part of the global energy transition. As the world shifts towards sustainable energy solutions, India cannot afford to be left behind, he noted.
"Energy transition is going to be a big play globally, and India cannot be left behind. Consequently, when we looked at various opportunities for this transition, two things stood out. One is India needs to get more solar generation while waiting for a solution for battery storage, etc. The solar generation needs to be augmented. So we started betting on solar projects," he explained.
L&T has strategically positioned itself in the renewable energy sector, particularly solar projects. International orders have also come their way, making them a major player with almost $6 billion worth of order backlog solely in solar EPC (engineering, procurement, and construction).
The company's forward-thinking approach extends beyond solar, as L&T explores hydrogen as an emerging fuel source for industrial applications. He highlighted the potential of hydrogen in industrial applications, automotive, and transportation. "We will get into that play by manufacturing electrolyser, which is a key component for hydrogen generation. We got a technology tie-up with McPhy Energy of France. The first electrolyser is under-construction," he revealed.
"There is an opportunity to scale this electrolyser manufacturing activity, and - being the manufacturing experts that we are in some of these areas - we think we stand a good chance," he explained optimistically.
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