Larsen & Toubro Ltd. (L&T) announced on September 2 that it has established a separate business vertical for its renewable Engineering, Procurement, and Construction (EPC) operations, carving it out from its existing power transmission and distribution segment within the infrastructure projects division.
In a filing with the stock exchange, L&T emphasised the growing momentum in India?s renewable energy sector, particularly in increasing the share of electricity generated from non-fossil fuel sources. The company highlighted the country's focus on green jobs and renewable energy growth as crucial elements of achieving "Viksit Bharat" and equitable climate justice globally.
L&T noted that renewable energy agencies in India have set clear capacity addition targets, with several initiatives like green energy corridors already underway.
The company also pointed out that the Middle East offers ideal conditions for solar energy generation, with significant investments emerging in regions such as SAARC, ASEAN, CIS, and African countries.
"L&T is a global leader with a vast portfolio of 22 GWp in renewable EPC experience," the company stated. "In addition to ground-mounted solar, floating solar, and wind balance of plant projects, L&T?s Battery Energy Storage System (BESS) implementations total 3 GWh. Combined with our grid and digital energy solutions, this business has earned a reputation for delivering giga-scale renewable projects on time and safely."
L&T is involved in some of the world?s largest single-site renewable energy parks and is a key player in major renewable projects in Saudi Arabia, Dubai, Jeddah, India, and other regions.
In light of these developments, L&T has created the renewables EPC business as an addition to its construction verticals. This move aims to enhance management visibility and ensure seamless integration of resources and capabilities.
L&T's Chairman and Managing Director, S.N. Subrahmanyan, stated that the renewable EPC business has experienced accelerated growth in recent years. Thanks to the company?s early investments, L&T is uniquely positioned in the value chain for creating sustainable energy infrastructure.
"This sector holds great promise with multiple opportunities. We aim to build on our success and remain the preferred partner of choice for our customers," Subrahmanyan added. He also noted that the creation of this vertical would provide greater autonomy, customer proximity, and leadership oversight for the business.
(CNBCTV18)
