Shell Energy India and the Gujarat government have announced the signing of a MoU to establish a clean energy plant, electric vehicle (EV) charging stations, and a liquified natural gas (LNG) regasification terminal in Gujarat. To this end, Shell Energy will invest Rs 35 billion for the initiative. The MoU was signed in Gujarat on August 23, 2023.
As a part of the MoU, Shell Energy India intends to invest Rs 22 billion to develop the facility for clean energy generation. The project will be located in Banaskantha, North Gujarat and it will be set up on 1,200 acres of land. The facility will create employment opportunities for over 1,000 people. The project is anticipated to commence operations by 2026. A 300 MW or above solar plant may be possible based on the projected land requirements. Furthermore, Shell Energy India will invest another Rs 8 billion on fuel retailing EV charging stations in different parts of the state, creating employment prospects for almost 2,000 individuals. This project has been scheduled to commence operations by 2027. Furthermore, the company will invest Rs 5 billion in LNG regasification terminal, creating employment prospects for 375 individuals.
Recently, in August 2023, Mufin Green Finance Limited announced that it has secured Rs 80 million from the Shell Foundation to establish a Rs 164.56 million joint de-risking pool in the form of First Loan Default Guarantee. The company also received the assistance of large financial institutions like the Indian Renewable Energy Development Agency and the State Bank of India.
In March 2023, GAIL India Limited signed an agreement with Shell Energy India to explore opportunities across the energy value chain. The MoU intended to investigate opportunities in the import and handling of various hydrocarbons, LNG for road transport, regasification of imported LNG, renewables, and other areas.